Douglas Elliman wants to sublease 11K sf at Beverly Hills office

Douglas Elliman wants to sublease about 10,800 square feet of its office in Beverly Hills in an effort to consolidate its operations there. 

The brokerage has tapped its commercial branch to list two floors at 150 South El Camino Drive for sublease, according to social media posts from Douglas Elliman Commercial agent Jason Froehlich. 

The company is looking for about $5 a square foot a month, or about $54,000 a month, for the two-floor space. 

“Owing to underutilized area in our Beverly Hills office, we are consolidating our operations exclusively to the third floor of 150 El Camino Drive, giving us one cohesive space to collaborate with our colleagues and agents,” a representative for Douglas Elliman said in a statement. 

Kennedy Wilson owns the roughly 60,000-square-foot building, records show. 

The office has served as the headquarters for Douglas Elliman California and previously housed 300 agents, according to the firm’s website. 

Douglas Elliman has worked to reduce its office space since 2020 when the pandemic hit. It was still working to reduce office space last year in an effort to cut costs. However, according to financial filings, Douglas Elliman has not dramatically reduced expenses. It spent $125 million on general and administrative expenses in 2023, down from $131 million in 2022.

The average monthly asking rent during the first quarters for a Beverly Hills office was $5.20 per square foot, according to a report from brokerage CBRE. For Class A offices, the number increased to $5.45 per square foot.