Divaris Helps RYSHER Sublease 62,000 Square Feet

SANTA MONICA, CA - In March 1999, RYSHER selected Divaris Real Estate, Inc. to assist it in the disposition of its 61,897-square-foot surplus offices at 2401 Colorado Ave. in Santa Monica, California. Within 12 months, the entire space was leased to Edmunds.com and InterPacket Group, Inc.

Established in April 1991, RYSHER Entertainment was acquired by communications giant Cox Broadcasting in March 1993, and merged with Cox-owned TPE (Television Program Enterprises). With headquarters in Los Angeles and offices in New York City, Chicago and Dallas, RYSHER Entertainment joined the ranks of the world's prominent entertainment organizations. 

Tim Helfet, president of RYSHER

DRE, along with its Corporate Real Estate Service Advisors (CRESA) affiliates in Los Angeles, was awarded the assignment over several national real estate companies. 

Edmunds.com signed the first sublease for 33,397 square feet. The company holds the distinction of being the first site on the Internet to provide free automobile pricing information, reviews and news on manufacturers' incentives and rebates.

The second lease was signed with InterPacket Group, Inc. for 28,500 square feet. InterPacket is the world's leading satellite-based Internet network developer and manager. 

"Through our existing relationship with Cox Group of Companies and RYSHER Entertainment, we were given the opportunity to work on this important assignment," says Michael Divaris, president of Divaris Real Estate. 

"RYSHER Entertainment was pleased with the expedient manner in which Divaris Real Estate and CRESA Partners, Los Angeles undertook the disposition of the Santa Monica office space. The assignment was completed within the budgeted time frame and well within the economic parameters," said Tim Helfet, president of RYSHER Entertainment.