The Real Deal New York

“La La Land” producer expands to 34K sf at 530 Fifth

Lionsgate already already has 7K sf at the building
March 03, 2017 05:30PM

A scene from “La La Land” and 530 Fifth Avenue

Entertainment and media company Lionsgate will be expanding to 34,000 square feet at 530 Fifth Avenue, in order to make room for its recent acquisition, television network Starz.

Lionsgate, the producer of Oscar-winning film “La La Land,” has occupied 7,000 square feet at building since 2013, the Commercial Observer reported. This expansion will see the company taking a total of 34,000 square feet across the entire fifth floor of the 26-story building, according to the publication.

The terms of the deal were not made public, but William Elder of RXR Realty, the building’s co-landlord, said rents there range from the “upper $50s per square foot to the high $70s.”

Lionsgate — which produces television shows such as “Nashville” and “Orange is the New Black” — paid $4.4 billion to acquire Starz last year. Starz will be moving offices from 521 Fifth Avenue, where it has around 12,400 square feet on the 19th floor, according to the publication.

In 2014, a partnership that included Thor Equities, General Growth Properties and RXR Realty paid $595 million for the building at 530 Fifth Avenue, which spans 500,000 square feet of retail and office space. Financial firm Ameriprise has 21,000 square feet at the building.

Cresa’s James Travers and Lawson Martin represented Lionsgate. The landlord was represented in-house by Daniel Birney and Alexandra Budd, and by an Avison Young team led by Mitti Liebersohn[CO]Miriam Hall