With office investors pining for action, the entertainment industry has come to save the day in Los Angeles.
Sony Pictures has signed a long-term, multi-floor lease totaling 225,239 square feet at Onni Group’s Wilshire Courtyard office complex starting in April 2024.
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The company is relocating divisions from nearby The Culver Studios, where its current lease is set to expire, to the two-building Class A campus at 5700-5750 Wilshire Boulevard in the heart of Miracle Mile near Museum Row. It’s adjacent to the La Brea Tar Pits and Museum, and about a block from the L.A. County Museum of Art, the Academy Museum of Motion Pictures and the Petersen Automotive Museum.
Cushman & Wakefield (CWK) represented the landlord and announced the lease. The value of the lease was not immediately disclosed.
Onni Group, one of the most active and prominent developers in L.A., acquired the 1 million-square-foot complex for $624.9 million in 2019, records show. The Canadian developer plans to more than double the square footage with a major redevelopment project with two high-rise buildings slated to begin in two years.
The complex features 125 tiered outdoor balconies, an Equinox Fitness gym, and a park with a jogging trail. The landlord also plans to soon add a new amenity center featuring a golf simulator, a multiple-screen entertainment center, a tenant lounge and a conference facility. Onni is also partnering with property management platform VTS to act as a concierge to tenants.
Cushman & Wakefield’s Josh Bernstein, Peter Collins, Scott Menkus and Alexa Delahooke, along with Onni’s Neal Linthicum, represented Onni Group in the transaction. Savills’ Josh Gorin and Mike Catalano represented Sony.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
