Kennedy Wilson Brokerage secured a lease with Staples to occupy ±19,450 square feet of retail space at 5665 Wilshire Blvd. in Miracle Mile, representing the landlord in one of the rare big-box retail deals completed in Los Angeles amidst the COVID-19 pandemic.
Strategically located on a prime, highly visible corner, the building is adjacent to the La Brea Tar Pits and LACMA on L.A.’s famed Museum Row. The property is surrounded by millions of square feet of office space and positioned just a 10-minute walk from the future Wilshire/La Brea and Wilshire/Fairfax stations of Metro’s much-anticipated Purple Line Extension. Currently under construction and scheduled for completion in 2023, the subway line will stretch beyond its current terminus at Wilshire/Western in Koreatown to Westwood with stops also in Miracle Mile and Beverly Hills.
Strategy & Results
The space at 5665 Wilshire Blvd. was briefly available for the first time in 20 years following the departure of its previous tenant Office Depot. With features including over 18-foot ceiling heights, a 70-space subterranean parking garage and a dedicated truck loading dock, the property drew interest from big-box retailers recognizing opportunity during the pandemic. Kennedy Wilson Brokerage successfully structured and closed the deal, bringing the reputable Staples brand to the property. Already operating in the submarket just down the street, Staples is relocating its store to take advantage of this superior corner location.