Legend 3D signs 27K sf lease at Columbia Square campus in Hollywood
Congrats to my colleagues on helping Legend 3D with this important growth assignment in Hollywood. They'll join other creative industry leaders like Neuehouse and Fender at Columbia Square.
Columbia Square, a 4.7 acre mixeduse office campus from Kilroy Realty Corp., may be the best example of the shifting office dynamics in the Hollywood market. The property has been attracting users from outside markets, but is also capturing creative tenants within the market that want to be part of the commit to the progress and evolution in the market. Legend 3D is a great example. The creative firm consolidated two Hollywood locations and signed an 11 year 27,000 squarefoot lease at the property.
The more research that you do on Columbia Square and the landlord Kilroy, you understand that it is really a first class project,” Jacob Bobek,a broker at Avison Young that represented the tenant in the transaction, along with Aaron Wilder, tells GlobeSt.com. “We were in Hollywood and wanted to make a long term commitment to the Hollywood market. They were in two locations with a total of about 10,000 square feet, so this move was a consolidation of those two facilities as well as organic growth.”
While there is available office space in the Hollywood market, there is limited space like Columbia Square available, although there is plenty of new development underway to change that soon. For now, Bobek says that there is some competition to land the right space in the market. “Kilroy is one of the best landlords in town and is great to work with, but certainly the market for space like this is very competitive, both for tenants to get the right space as well as landlords to get tenants, because there is a lot of space available,” he says. “The market is definitely in transition, and there is a lot of new building and new development going on in Hollywood. You have in migration from other marketplaces, so the high quality buildings have attracted users from outside of the market and, in our case, this is a tenant that was in Hollywood that wanted to make commitment to a place that is a very desirable place to live and work.”
To stay competitive, tenants should employ the same types of strategy that investors use when buying a property, like strong offer and speediness. “Credibility and ability to act quickly helps to position tenants to be the most competitive in the marketplace,” says Bobek. Legend 3D will occupy a 365,000 square foot office building on the campus, located at 1500 N. El Centro Ave. Viacom and Fender Guitars are also tenants on the property, while the onsite amenities include Sugarfish, Rubies and Diamonds Coffee. Legend 3D is planning a full tenant build out, and will take occupancy in December 2016.
*Shared by Jeff Vertun