BENTLEYFORBES RELOCATES AND EXPANDS HEADQUARTERS TO 14,000 SQUARE FEET OF CLASS A OFFICE SPACE AT MGM TOWER 10-Year Lease Valued in Excess of $6 Million; Los Angeles-Based National Real Estate Investment Firm Relocates from Century Plaza Towers to City’s Newest Class A Tower LOS ANGELES (Feb. 28, 2005) – BentleyForbes, a national real estate investment firm, has relocated and expanded its headquarters to the 23rd Floor of the MGM Tower, the first Class A office tower built in Los Angeles in over a decade. The firm will be occupying the 14,000 square feet effective immediately, announced the firm’s founder and Chairman, C. Frederick Wehba. "As we move into the second decade of operations at BentleyForbes, we will enter this new phase of the firm’s growth at one of the premier business addresses in Los Angeles," said Wehba. "MGM Tower is a landmark in Century City and offers state-of-the-art infrastructure and ample amenities, including its Class A finishes." Ron Wade and Stan Gerlock of CB Richard Ellis represented BentleyForbes in the transaction. Mark McCaslin of the McCaslin Co represented the building owners. According to David W. Cobb, president and CEO of BentleyForbes, the move is in anticipation of continued staff growth at BentleyForbes. "Over the past twelve months, the firm has added several new personnel, a period of growth which maximized the available space at our previous location. In the coming months, BentleyForbes anticipates adding several more staff members in asset management, accounting and property analyst roles. This new office suite will provide the firm with ample room to accommodate our continued growth in a much more efficient manner. " The MGM Tower is the first major high-rise to be built in Los Angeles in a decade. Los Angeles architects Johnson Fain designed the $150 million glass tower, which opened its doors in April 2003. Johnson Fain also designed Fox Plaza in Century City and Sun America Center, both located in the immediate vicinity of the MGM Tower. Other prominent tenants include MGM and International Lease Finance Corporation, a leading aircraft leasing company. BentleyForbes is a privately-held national real estate investment firm founded in 1993 by the Wehba family. The firm specializes in the acquisition and management of commercial real estate assets in several property verticals, emphasizing Class A office, trophy retail and high quality industrial buildings in markets across the United States. The firm continues to build a diverse portfolio of holdings, and today focuses on the acquisition of multi-tenanted properties in primary MSA markets. Historically, the firm is a noted leader in the completion of sale-leaseback and net lease investments, transactions involving single tenanted properties generally leased on a long-term basis to major corporations or well-credited companies demonstrating a strong balance sheet. The firm is currently led by an executive committee that includes four members: David W. Cobb, president and CEO, C. Frederick Wehba, chairman, C. Frederick Wehba II, vice chairman, and Chad Wehba, vice chairman. This committee is responsible for charting the strategic course of the firm, including: portfolio composition, acquisition and disposition criteria, capital markets relationships and overall corporate operations. |
