The project was developed in 1982 with the aerospace market in mind, noted Solomon. He said the complex was part of the overall collapse of the Century Boulevard market, which was 35% vacant for much of the last 10 years. The Century Boulevard corridor has improved with a 22.2% vacancy rate, but the 5757 building needs upgrades to make it appeal to modern tenants, Solomon said.
The new owner plans to do just that, according to Nagel, Decron's president, who said the complex has been renamed Airport Spectrum. A $10-million renovation will begin in April. In the meantime, Nagel said, the owners have signed tenants to new and renewal leases on about 80,000 square feet and are negotiating additional deals for about 100,000 square feet.
One of the most unusual stories is that of 1100 Wilshire Blvd., which has remained more or less vacant since it was built in 1986, according to Mike Dunn, a broker with Charles Dunn Co.
The 37-story luxury office tower was built by a successful East Asian businessman, Tsai Ming Yu, but was never more than 10% occupied. The skyscraper was completed as the downtown L.A. office market was hopping, said Dunn, who brokered one of the building's first leases.