B. Riley Financial Moves to BentallGreenOak’s LA Office with 10-Year Lease
Despite continued uncertainty in the office market, B. Riley Financial signed a new 10-year lease near the western border of Los Angeles County.
CBRE represented the financial services company and announced the 18,000-square-foot lease at 30870 Russell Ranch Road in Westlake Village. Real estate management firm BentallGreenOak is the landlord for the Class A office building just off the 101 Freeway near Lindero Canyon Road. The total property spans more than 120,000 square feet.
CBRE declined to share terms of the lease. BentallGreenOak did not immediately respond to requests for comment.
The West L.A.-headquartered B. Riley Financial will move from one of its current locations in Woodland Hills. CBRE’s Matthew Heyn represented the financial firm.
“We started this process pre-COVID and ended up signing it during the pandemic,” Heyn said in a statement. “Getting consensus to move the company’s office to another market on top of committing to a long-term lease in these uncertain times was challenging but we got it done…The landlord was able to work with our client and address many cost and liability issues that were not available pre-COVID.”
Leasing activity dropped in L.A. by 52 percent since the pandemic hit. But Westlake Village has still seen some action in office sales. Beverly Hill-based Omninet Capital acquired an office portfolio in Westlake Village for $55 million earlier this month.