Office Tenants Ink Deals for 129,000 SF

SANTA MONICA, CA-The Game Show Network has signed a 50,000-square-foot lease renewal at the Arboretum Courtyard here, one of a series of recently inked office leases in L.A. County totaling nearly 129,000 square feet. The other deals were in Downtown L.A. and Manhattan Beach.

The Game Show Network, which is a producer of nationally televised game shows including “Wheel of Fortune” and “Jeopardy,” renewed in a seven and-a-half year deal at the Arboretum Courtyard, at 2150 Colorado Blvd., according to Scott Rigsby of Industry Partners, which represented landlord Equity Office in the transaction. “Santa Monica has become home to an increasing number of high profile entertainment and technology companies, and the Arboretum Courtyard is located in the heart of the city's entertainment and media corridor,” said Rigsby, who along with partner Jim Jacobsen represented Equity Office. The tenant was represented by Dave Toomey and Brian Davies of Cresa Partners.

GSN has been a tenant at Arboretum Courtyard since 2002 when it subleased 35,000 of space from IBM. It transitioned into a direct lease with Equity Office in 2006. GSN occupies all but a portion of the ground floor of one of the two four-story buildings comprising Arboretum Courtyard. Financial terms of the latest lease were not disclosed.

Built in 1998, Arboretum Courtyard is a two-building class A office complex totaling 143,555 rentable square feet and features a landscaped courtyard, a reflecting pool, usable balconies and operable windows. Other notable tenants in the complex include Google, Libbie Wealth Management, Fentress Architects, Business.com, and Del Shaw Moonves.

The law firm of Holland & Knight has signed a 41,664-square-foot lease at Mellon Bank Center at 400 S. Hope St. in Downtown Los Angeles. Holland & Knight, a Top 100 Am Law (American Lawyer) international law firm, is relocating its Los Angeles offices after several years at US Bank Tower, also in Downtown L.A. The law firm was represented by Transwestern executive managing director Jonathan Larsen. The landlord was represented by John Ollen, managing director of Leasing for Tishman Speyer. The lease term is for seven years, with an approximate value of $10.4 million.

Larsen said that Holland & Knight achieved a below-market deal abd significant monument signage at Mellon Bank. In addition, the property recently completed a lobby renovation, repositioning the building for a higher profile, he added. The renovated space is designed provide for the office's approximately 80 lawyers and staff, and to meet future needs. Holland & Knight Los Angeles executive partner Jerry Levine said that the move "not only demonstrates our firm’s commitment to the L.A. community and our clients, but will allow for growth in our office and on the West Coast."

The law firm of Haight Brown & Bonesteel signed a 10-year, 27,280-square-foot sublease from Jones Day at City National Plaza, at 555 S. Flower St. in Downtown Los Angeles. The new space will be used for the company’s corporate headquarters. Haight Brown & Bonesteel, a leading law firm in California for more than 70 years, previously occupied space in West Los Angeles.

The law firm was represented by Jones Lang LaSalle’s team of managing director Tony Morales and SVP Darren Eades. Jones Day was represented by Eric Duncanson of Cushman & Wakefield.

Chris Stouder, managing partner of Haight Brown & Bonesteel, said that moving downtown "has been part of our strategic expansion plan since I became managing partner." Added Stouder: "The increasing need to be in a location that allows us to attract numerous, highly qualified professionals makes the timing right for this move. We need to be located in the heart of the city."

Currently, approximately 223,295 square feet of sublease office space is available in Downtown Los Angeles, according to Jones Lang LaSalle Research. Eades said that in searching for sublease space for law firms, “Due to the lack of second generation law firm space, it is critical to know how all firms are currently utilizing their space in order to take a proactive approach to identifying alternatives for your client.”

In deals negotiated by JLL in Manhattan Beach, tenants signed leases for approximately 10,000 square feet at Manhattan Towers, a class A, two-building complex totalling 309,705 square feet at 1230 and 1240 Rosecrans Ave. Jones Lang LaSalle managing directors Chris Strickfaden and Steve Solomon, along with Mark Mattis of PM Realty Group, represented the landlord, Wells REIT II, and are responsible for leasing at the complex.

The leases signed included: APEX signed a five-year lease for 3,530 square feet and was represented by Gary Horwitz of Jones Lang LaSalle. Oppenheimer & Co. for 3,039 square feet for five years to relocate its regional office from another building in Manhattan Beach. The company represented itself in the transaction. Spolin Silverman Cohen & Bossserman signed for five years for 2,061 square feet in a move from Santa Monica. The firm was represented by John Ottinger of Tenant Advisors Corp. Edward S. Jones signed a three-year renewal for approximately 1,000 square feet and represented itself.