One source tells GlobeSt.com that Maguire's asking rates for thenew Lantana building start at about $5.25 per sf per month. TheLantana campus, at 3030 Olympic Blvd. in Santa Monica, consists ofthree existing buildings plus two new office buildings developed byMaguire that will bring the total campus to about 550,000 sf whenit is built out. The Recording Academy, which is now in 31,733 sfelsewhere in Santa Monica, plans to move into its new Lantanaheadquarters in the first part of next year.

The Recording Academy was represented by executive managingdirector Arlene Sommer and corporate managing director MarkRobinson of Studley's West Los Angeles office, with Maguirerepresented by leasing SVP Peter Johnston and leasing managerDebbie Tauberg. Studley has also drawn a LEED assignment for theproject, with William Robertson, director of project management atStudley's Downtown Los Angeles office, overseeing the internalconstruction of the space, including all LEED attributes. Maguiresays that, in keeping with the Recording Academy's greeninitiatives, the LEED elements of the project will "ensure thatevery option for energy conservation and savings will beevaluated."

Neil Portnow, president and CEO of the Recording Academy, saysthat the organization needs a larger headquarters because itsmission and outreach have grown over the years, along with itsstaff.Maguire's Lantana project is 93% leased to entertainment andmedia industry tenants including Todd-AO Studios, RevolutionStudios, IMAX, Larry David Productions, Larry Gordon Productions,Steven Bochco Productions, Dick Clark Productions, BermanBraunProductions and Beacon Pictures. The 12-acre campus comprises threeoriginal low-rise office and studio production office buildingsplus the two new office buildings and parking. The two newbuildings were designed by Steven Ehrlich Architects.