Sprint Corp. has agreed to lease more than 100,000 square feet of space in the former Terminal Annex building in downtown Los Angeles for its Internet services operation.
Sprint is one of three tenants that have leased 57% of the former postal facility--now known as Infomart Los Angeles--that is being renovated for use by telecommunications and high-tech firms. The $20-million renovation of the 479,000-square-foot building near Chinatown is scheduled to be completed next week, said Tom Jones, president of Infomart, the Dallas-based firm that purchased the building last year.
Infomart also has signed leases with communications network firm Teleglobe Inc. and a third company it declined to identify. But brokers familiar with the property said the third tenant is Global Crossing Ltd., which owns one of the world's largest fiber-optic communications networks.
"In the 13 months since we announced our acquisition of the property we have completed most of the retrofit on the property and have leased more than half of the space," Jones said. "These first three residents . . . will attract other telecom and technology firms."
Infomart also owns and manages 3 million square feet of space for telecommunications and high-technology firms in Dallas, Boston and Houston.