Ares Management Signs for 200K SF in Century City
By Greg Cornfield January 19, 2023 10:50 am
reprints
At least Ares Management (ARES) is on board with long-term office space.
The investment management firm is set to move its headquarters to an office campus that’s currently undergoing a $100 million renovation in the top office market in Los Angeles County. Developer Anderson Real Estate announced it has signed a 12-year lease for 206,000 square feet at one of two Anderson Towers in Century City, and the deal includes naming rights for the building at 1800 Avenue of the Stars starting in June 2024.
“The office of the future must be a space that attracts tenants by providing them with what they can’t get at home,” Matt Lavin, president of Anderson Real Estate, said in a statement. “This is precisely what we are building at Anderson Towers: a modern, tech-integrated, environmentally friendly space that will make the workday more fulfilling. As the concept of how we interact with work continues to evolve, we believe what we are creating are the types of spaces and amenities that forward-thinking companies will demand for their employees.”
Century City includes 10.7 million square feet of rentable office space that makes up the most expensive submarket for renters in Los Angeles. The average asking rent was $6.57 per square foot per month at the end of 2022, according to CBRE’s fourth quarter report.
Peter Best of LA Realty Partners and Rocky Binswanger, Bryan Dunne and David Freitag of CBRE (CBRE) represented Anderson. John Bertram of Savills and Scott Gertz of WestMac Commercial Brokerage Company represented Ares, which had approximately $341 billion of assets under management as of Sept. 30.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
