ITT Technical Institute | Los Angeles Campus

Property Description

The property is a single-story office building that serves as the principal educational campus in the City of Los Angeles for ITT Educational Services, Inc., a leading provider of postsecondary degree programs in the U.S. ("ITT"). The property was originally constructed in 1996 as a build-to-suit for ITT and was substantially expanded and renovated in 2010, including the addition of a 5,785 square foot library and student lounge.  

Business Essential Attributes

This location is the only ITT campus in the City of Los Angeles, which maintains a very high barrier to entry for trade schools seeking to locate in the City, including a parking requirement of 14 spaces per 1,000 square feet of net rentable area. The campus is situated immediately adjacent to the I-5 Freeway and at the confluence of two of the more populous areas in the Greater Los Angeles Area, the San Fernando Valley and Santa Clarita Valley, which have a combined population of over two million residents. The tenant recently spent over $450,000 on improvements to enhance the student educational experience and maintain the property's competitive advantage.

Additional Property Information

ITT provides accredited, technology-oriented undergraduate and graduate degree programs through its ITT Technical Institutes and Daniel Webster College. It owns and operates more than 140 locations in 39 states and online, serving over 70,000 students. The property received a zoning variance from the City of Los Angeles that allows for a parking requirement of approximately 8.6 spaces per 1,000 square feet of net rentable area, raising the barrier to entry for competitive properties. There are no properties within a 20 mile radius (which represents the trade area of this location) that are zoned for office use that have more than 8.2 parking spaces per 1,000 square feet of rentable area. The tenant reaffirmed its commitment to the site in 2009 with a seven year lease extension that moved the expiration date of the primary lease term to August 2016.

ITT Technical Institute | Los Angeles Campus

Sylmar (Los Angeles), California

PROPERTY AT A GLANCE

Property Type: Office
Square Footage: 35,785

Lease Expiration: August 31, 2016
Renewal Option(s): One 5-year renewal option
Rent Increase(s): None
Tenant: ITT Educational Services, Inc.
Website: www.ittesi.com
NYSE: ESI