According to Farrar, Getty will move to reduce occupancy costs, which it has accomplished with a lower lease rate in the new space and by subletting its Water Garden space to Wells Fargo Foothill. The combination of the two transactions resulted in a 35% reduction in occupancy cost for Getty over the next five-and-a-half years and approximately 50% over the 10-year term of the new lease, Farrar says.
Getty's lease for 25,193 sf at the Water Garden was due to expire at the end of January 2011. The landlord, Water Garden Realty Holdings, was represented by John Ollen of Tishman Speyer. Getty Images provides still and moving images of news and sports photography and other subjects to newspapers, magazines, advertising, films, television, books and Web sites.
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