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UCLA's medical billing group has leased 81,000 square feet at 5757 Century Blvd., near LAX, doubling the size of its current offices in the process. Total consideration for the 10-year deal is more than $15 million.

The move will allow the division to expand without substantially increasing its occupancy costs. While its current space at 10920 Wilshire Blvd. is owned by UCLA, David Thurman, vice president at Grubb & Ellis Co., estimated that the space required for expansion near Westwood would cost about twice as much as the new location.

But building owner Decron Properties Corp.'s renovation of the 331,000 square-foot building was also a factor.

In 1999, the building made the Business Journal's list of "5 Local Examples of How Not to Develop a Property." Van Nuys-based Decron, which primarily owns residential property, bought the building the following year and put about $5 million into rehabbing the space.

"It was not even a B building before," said Thurman, who, with Grubb & Ellis' Chris Sin-field and Bill Maher, represented Decron. "It was a C-minus building, and it's been transformed."

The transaction is also a boon to a Century Boulevard corridor market that had a rough 2001. Last year, the submarket put 300,000 square feet back on the market, and its fourth quarter vacancy rate was 29.2 percent, according to Grnbb & Ellis.

# posted by Medical Information : 3:16 AM