Aerospace Manufacturer Signs First New Lease in 55 Years
Aaron Weiner of Bailes & Associates, Inc. moved venerable aerospace manufacturer Photo-Sonics, Inc. from their ancestral home in Burbank where they were formed and had operated continuously since 1952. During their years in Burbank, the Rancho equestrian neighborhood grew up around them and they found themselves operating peacefully in the middle of a residential community. But the metamorphosis of the neighborhood finally caught up to them and their landlord of more than 60 years (actually the children of the original landlord) sold the property to an owner-user interested in converting the buildings to a campus more in line with the current entertainment industry in Burbank.
“When I was engaged by Photo-Sonics to find them a new building to house their manufacturing, R&D and corporate offices, they made it clear that they needed a lot of hand holding because nobody at the company had ever dealt with this process” Aaron said. “I provided it.”
With the Los Angeles industrial at historically tight levels, there was not much to choose from. Add to that the specific building requirements of a manufacturer and geographical limitations of an R&D company with a team of highly specialized engineers, and we had a huge challenge finding a building that would work for them.
“We entered into negotiations on two occasions with willing landlords but the cost of modifying their buildings turned out to be much more than the either party was comfortable with” Weiner stated. “It was while we were trying to figure out how to amortize extra landlord improvement allowances at the second location that I noticed a familiar 44,400 square foot building coming back on the market with a new owner ready to spend significant dollars to modernize the building. The new landlord’s plans and my client’s needs aligned perfectly and we had a lease signed in 30 days.”
It was a happy ending to a 10 month search. “I never stopped looking for the right building for Photo-Sonics” Aaron said. “And it paid off.”