While the lease rate and concessions were not revealed and not otherwise immediately available, sources say similar leases in the area have been negotiated at $30 per sf. At that rate, the value of a 10-year, 120,000-sf deal would be in the $35-million range.
The space will be occupied by PDI, the computer animation division of DreamWorks, which is owned by Steven Spielberg, Jeffrey Katzenberg and David Geffen. The lease includes the entire five-story office building, which is one of ten buildings in the Pacific Shores Center. CRESA Partners represented DreamWorks, while Cornish & Carey Commercial-ONCOR represented the Jay Paul Co.
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