Irvine Company has drawn a new legal tenant at the Fox Plaza tower in the top office market in Los Angeles County.
SEE ALSO: The Plan: The Sail-Shaped Olympia Condo Glides Over the Brooklyn Skyline
Miller Barondess signed the long-term lease to move its office down the street into 33,099 square feet at the office at 2121 Avenue of the Stars in Century City. NAI Capital Commercial announced the lease and represented the tenant. Lease terms were not disclosed.
Fox Plaza is a 34-story, Class A office building containing 768,000 square feet, along with a fitness center and a restaurant. Miller Barondess will occupy space on the 26th floor and a portion of the 27th for its growing law practice. The new lease is an expansion over its existing space at 1999 Ave of the Stars. The firm will vacate that property at the end of the year.
“After numerous tours and negotiations, the former Goldman Sachs (GS) space at 2121 Avenue of the Stars proved to be the best fit for the firm,” NAI Capital’s Matt Ehrlich said in a statement. Former President Ronald Reagan’s offices were on the 34th floor of the building, and the building played the fictional Nakatomi Plaza from “Die Hard.”
Office-leasing activity in Los Angeles stumbled out of the gate in 2022, and nearly one-fifth of total inventory is vacant. But Century City has been one of the bright spots and the best-performing submarket. It’s home to many of the top talent agencies, financiers and law firms that support the Hollywood entertainment machine. It posts the highest average rental rates in the county at $6.29 per square foot per month.
Ehrlich, along with NAI Capital’s Michael Arnold, represented Miller Barondess, which was founded in 2006 by trial lawyer Skip Miller — who is the attorney for Lakers legend Jerry West — and his sons Dan and Jim Miller, and partners Mark Barondess and Sasha Frid. Miller Barondess has since grown to include 40 attorneys. L.A. Realty Partners represented Irvine Company.
“Ultimately the Irvine Company was chosen as they were able to meet Miller Barondess’ goals and objectives for their firm over the next 15 years,” Arnold said.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
