Arts District Gets Its Office Catalyst

John Zanetos is a broker at CBRE.

LOS ANGELES—The Arts District is getting its long-awaited office catalyst. Powerhouse Warner Music had signed a 257,000-square-foot lease with Shorenstein at the Ford Factory in the Downtown Los Angeles neighborhood. The lease is expected to help spark activity in the market. While terms have not been disclosed, industry sources are saying that the lease is valued at $10 million annually, and that Warner Music will take occupancy next year.

“To attract this caliber of tenant presents a major shift for Downtown LA and the Arts District,” John Zanetos, the leasing broker at CBRE that represented the landlord in the transaction, tells GlobeSt.com. “This will instill confidence in other companies considering such a move as well as among property investors who have already made the leap or those who are currently eyeing this part of the city. This lease will act as a catalyst and no doubt have a domino effect on the entire neighborhood.” Zanetos represented the landlord along with Todd Doney, Rob Waller, Chris Penrose and Phil Ruhl.