Imperial Capital leases full floor of Culver City office building
Updated, 3 p.m., July 28: Imperial Capital has inked a deal for a full floor at Heitman’s Century City office building.
The investment banking company has signed a long-term lease for 24,203 square feet at the Class A building at 10100 Santa Monica Boulevard, The Real Deal has learned.
Imperial will be moving from its current office at 2000 Avenue of the Stars to the new space on the 24th floor in early 2017.
The long-term lease is valued at $61.2 per square foot a year, or about $15 million total for its approximately 10-year lease, according to CoStar. John Bertram and Craig Newlands of Savills Studley represented Imperial in the transaction. Todd Later of Hines represented Heitman.
“This represented a rare opportunity to secure an entire floor in the building, one of the preeminent locations in Los Angeles,” Newlands said in a statement.
Heitman acquired the 605,000-square-foot office building for $121 million in 1996, according to CoStar. The surrounding area has been on the upswing of late. The nearby Westfield Century City shopping center is currently undergoing a $800 million renovation. New tenants are slated to include Nordstrom and the first California Eataly.