LA’s biggest office leases of Q2

Los Angeles /
Jul.July 29, 2016 04:02 PM

Office leasing activity picked up in Los Angeles in the second quarter, with a total of 5.3 million square feet — up nearly a third from Q1, according to a new Savillls Studley office leasing report.

Asking rents posted one of the biggest quarter-by-quarter increases in the past several years at 2.8 percent. Building trades at steep prices contributed to the increase.

“Landlords feel bullish about market conditions across much of the region and they have boosted rental rates,” the report reads. “Strong investment sales and cap rate compression will give new owners added cause to boost asking rents.”

Read on for some of the biggest leases closed in Los Angeles in the second quarter, according to the report.

Federal Aviation Administration

The FAA inked a 154,000-square-foot space at 777 South Aviation Boulevard, a three-story building in El Segundo owned by a partnership between Embarcadero Capital Partners and Westbrook Partners.

Disney

Walt Disney Co. also snatched up a massive space this past quarter with its 128,300-square-foot lease at 3355 West Empire Avenue in Burbank. The five-story Class A building is owned by Worthe Real Estate Group and Shorenstein. Disney had previously been subleasing from Yahoo, sources said.

Company town leases galore

The media and entertainment sector accounted for a significant portion of the leasing last quarter. In addition to Disney, DreamWorks vertical AwesomenessTV closed on a lease last month for about 90,000 square feet at Clarion Partners’ Pen Factory at 2701 Olympic Boulevard, as The Real Deal first reported. And ticket seller Fandango inked a 85,000-square-foot lease at Tishman Speyer’s 407 North Maple Drive building in Beverly Hills, adding about 35,000 square feet to the company’s L.A. presence. Spanish language television company Univision signed a 104,500 square foot lease-back agreement at 5999 Center Drive in Westchester, as it sold the building to CBRE Global Investors.

Hasbro

Toymaker Hasbro also made the cut with its 80,000-square-foot deal at Worthe and Shorenstein‘s  Media Studios North Tower at 3333 West Empire Avenue, as The Real Deal first reported.

Kaiser Permanente

Health giant Kaiser’s signed for 100,000-square-foot space at 3780 West Martin Luther King Jr. Boulevard in Culver City. It will move in 2017.

 

Related Articles

arrow_forward_ios
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
Mariposa on 3rd
CGI Strategies secures $42M loan on Koreatown apartment complex
CGI Strategies secures $42M loan on Koreatown apartment complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...