Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SANTA MONICA, CA-Raleigh Enterprises signed a $4 million lease to remain for another six years in its 12,000 sf headquarters at the 100 Wilshire Blvd. building in Santa Monica.

David Kluth of Julien J. Studley Inc. tells GlobeSt.com that Raleigh, which has been based in Southern California for more than 45 years, had about a year left on its existing lease on the eighth floor at the 21-story, 245,000-sf office tower at the corner of Wilshire Boulevard and Ocean Avenue.

Raleigh operates one of the entertainment industry’s largest groups of independent film and television studios, plus hotels and vineyards.

The 100 Wilshire building is among the most prestigious office addresses in the Los Angeles area, with ocean views and proximity to the lively downtown Santa Monica restaurant and shopping district, and it commands some of the highest rents in the region.

Kluth, who represented Raleigh on a team that included Studley’s Josef Farrar along with Arlene Sommer of Cushman & Wakefield, tells GlobeSt.com that the rental rate works out to “the lower end of the market” for comparable office space.

“Just six months earlier we were negotiating at a higher rent, so by waiting to do the transaction, the client saved probably 10%,” he tells GlobeSt.com.

Although many office buildings in Santa Monica suffered acutely from the collapse of dot.com companies in 2000 and 2001, trophy properties like 100 Wilshire weathered the storm well and maintained high occupancy levels. The 100 Wilshire building, Kluth says, is more than 95% full.

The Raleigh lease is among five entertainment industry deals completed by Studley on the Westside of Los Angeles and in Burbank during the first half of this year that have totaled more than 85,000 square feet and are valued at $28 million. Landlord Douglas Emmett was represented in the Raleigh transaction by Eric Olofson of Cushman & Wakefield.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.