Irvine Co. Announces 92K-SF Office Leases in LA’s Century City
The shiny office towers in Century City are attracting new tenants despite waning demand throughout Los Angeles County amid the greater flight to quality.
Irvine Company announced three new office leases totaling 92,130 square feet at the Fox Plaza tower in Century City. The agreements bring the 34-story office tower at 2121 Avenue of the Stars to 82 percent leased.
Law firm Katten signed the largest of the three deals with 46,430 square feet. Accounting firm Gursey Schneider leased 23,300 square feet, and immigration law firm Gondim Law signed for 22,400 square feet.
“After signing our original lease at 2121, we’ve already decided to expand,” Marcelo Gondim, founder and lead attorney at Gondim Law, said in a statement.
Johnson, Fain and Pereira designed the 768,000-square-foot Class A tower adjacent to the Fox Studio Lot. It features a fitness center, a restaurant, concierge service, and outdoor meeting space.
Clay Hammerstein of CBRE represented Katten. Hammerstein and Danny Rees of CBRE represented Gursey Schneider, and Carol Roth of Commercial Realty Partners represented Gondim.
The three new leases followed 70,000 square feet of leasing announced in April. That included institutional investment firm SSI Investment Management and the law firms Robins Kaplan and Miller Barondess.
“Companies are moving from other Century City buildings to 2121 Avenue of the Stars for its premium workspaces, our outstanding service and the Irvine Company’s unmatched financial strength,” Irvine Company’s Beau Rawi said in a statement. “We expect the trend to continue.”
About 8 percent of the 10.7 million square feet of rentable office space in Century City is currently vacant, according to CBRE’s most recent quarterly office report. That mark is significantly stronger than the 18.4 percent vacancy rate for Greater L.A., as the larger office market struggles with market volatility and uncertainty with regard to future demand for workspace real estate.
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