Savills Consolidation and Expansion
Savills is consolidating its two Los Angeles offices — one in Downtown and the other in Westwood — and expanding with a move to around 20,000 square feet in Century City.
The tenant-side brokerage plans to take the entire 11th floor at Anderson Real Estate’s 1900 Avenue of the Stars sometime this summer. It will relocate from 7,800 square feet at 777 South Figueroa Street and 9,973 square feet at 1100 Glendon Avenue, according to a person with knowledge of the deal.
Lease Details
The length of the lease, a Savills spokesperson said, is “multi-year.”
Asking rent in the building ranges from $6.50 to $7.50, according to a spokesperson for the landlord.
Building Redevelopment
The Century City building, a 28-story, 627,000-square-foot, Class-A high-rise office building, is undergoing a $100 million redevelopment together with 1800 Avenue of the Stars by owner Century City-based Anderson. The redevelopment will be completed in the second quarter, per the Anderson spokesperson.
New Office Environment
The new digs aim to “create a new, experiential office environment,” Savills Los Angeles region President Josh Gorin, who oversaw lease negotiations for the firm, said in a statement.
Representation and Negotiations
Peter Best of LA Realty Partners and David Freitag, Kayla Rix and Rocky Binswanger of CBRE represented the building in lease negotiations. Best and a spokesperson for CBRE didn’t respond to a request for comment.
Location Choice
When asked why Savills would want to leave Downtown L.A., Gorin said via a spokesperson: “Century City offers a prime location that puts us near key clients in industries such as entertainment, legal, financial, and other professional services firms.”
Market Trends
The deal comes after a strong quarter in the Los Angeles office market.
Office leasing bounced back across L.A. County at the end of last year, though the bulk of the deals were renewals.
The L.A. office market had its best quarter since the start of the pandemic in the fourth quarter, with 3.9 million square feet leased, from 1.7 million square feet a year earlier, according to Savills data.
Recent Transactions
Among the top 10 transactions in Q4, one was in Century City, according to a list from Savills. Loeb & Loeb renewed its 130,000-square-foot space at 101000 Santa Monica Boulevard. Savills operations span seven countries, with a total of about 40,000 employees.
Read More
Read more
Anderson signs lease renewal for Fat Brands’ Beverly Hills headquarters
JMB scores $575M construction loan from Cale Street for Century City project
Office vacancy ticks up in tony Century City
Conclusion
Savills’ decision to consolidate and expand its Los Angeles offices in Century City reflects the area’s desirability for businesses, particularly those in the entertainment, legal, financial, and professional services sectors. The move is also indicative of the recovering Los Angeles office market, which saw significant leasing activity in the fourth quarter.
FAQs
- Q: Why is Savills consolidating its offices?
A: Savills is consolidating its two Los Angeles offices to create a more centralized and efficient operation. - Q: Where will Savills be relocating to?
A: Savills will be relocating to the 11th floor at 1900 Avenue of the Stars in Century City. - Q: How much space will Savills occupy in the new location?
A: Savills will occupy approximately 20,000 square feet in the new location. - Q: What is the length of the lease?
A: The length of the lease is multi-year, though the exact duration was not specified. - Q: What is the asking rent in the building?
A: The asking rent in the building ranges from $6.50 to $7.50 per square foot.
