Entertainment law firm Del Shaw Moonves Tanaka Finkelstein & Lezcano has decided to remain in its Santa Monica headquarters for another five years.

The firm inked a deal earlier this month to renew its lease for 11,334 square feet at Arboretum Courtyard, at 2120 Colorado Ave. Financial details were not disclosed, but industry sources peg the deal at $2.5 million.

The property is owned by Equity Office Properties Trust, New York investment firm Blackstone Group’s property management company.

Del Shaw moved in 2002 to the 85,400-square-foot, Class A office building, which also is occupied by tenants Business.com Inc. and Game Show Network.

Unlike some Westside law firms, which are moving to downtown Los Angeles or to Century City, the law firm chose to stay in Santa Monica near its entertainment-based clients.

Its new lease won’t start until May, when its current contract expires. But Del Shaw wanted to finalize a deal while rental rates are still relatively low for Santa Monica, which has been seeing an influx of tech firms.

“Santa Monica is one submarket that’s turning the corner and we are expecting rental rates to start to go back up again,” said Jones Lang LaSalle Inc. Managing Director John Ghiselli, who represented the firm with colleagues Anthony Gatti and Blake Searles.

The landlord was represented by Scott Rigsby, founding partner of Santa Monica brokerage Industry Partners.

Park Tower Pickup

A nearly 120,000-square-foot office building in Long Beach traded hands this month for more than $20 million in one of the largest sales in the city this year.

The 5150 Pacific Coast Highway property, known as Park Tower, was purchased by an affiliate of New York private-equity firm Investcorp International Inc. from a local private investor in an off-market deal.

The investor bought the building last year for $16 million. At the time, it was only 38 percent leased. Since then, it underwent major renovations, including a lobby makeover. The building’s occupancy also rose to 96 percent with new tenants and expansion by anchor tenant Childnet Youth and Family Services, a non-profit that supports abused and abandoned children.

Lee & Associates Orange’s George Thomson, who represented the seller with colleague Marshal Vogt, said the building was not on the market when Investcorp made its bid.

“The sale was an opportunistic approach by Investcorp,” Thomson said. “(The seller) had completely renovated the building and had elevated it to one of the best Class A suburban Long Beach office buildings.”

Investcorp, which also owns Manhattan Beach’s Residence Inn, purchased the building as part of a larger real estate investment strategy that included the acquisition of a 133,000-square-foot office building in Boynton Beach, Fla., for $37 million.

“These two properties complement our growing mix of investments,” said Herb Myers, a managing director in Investcorp’s real estate group, in a statement. “We believe they will provide our investors with yields that look especially attractive given the forecasted period of low-interest rates and economic conditions we face today.”

Investcorp represented itself in the deal.

CBRE Gets Grubb

West L.A.’s CBRE Group Inc. has picked up a pair of brokers from Santa Ana brokerage Grubb & Ellis Co.

The office investment and leasing team of Phillip Sample and Chris Caras joined CBRE’s downtown L.A. office as senior vice presidents this month from Grubb’s downtown office.

The move comes as Grubb, struggling with debt piled up after its real estate portfolio went bust, has been selling off business units as it prepares for a buyout.

The duo has completed more than $1.6 billion in sale and lease transactions over the past 20 years. Clients include the Federal Reserve Bank, Downtown Properties Holdings LLC and the Somerset Group Inc. They most recently closed the sale of the former corporate headquarters of the Metropolitan Water District, at 1111 W. Sunset Blvd., to Linear City, which developed the Toy Factory and Biscuit Co. lofts in downtown. Linear City plans to convert it to residential units.

“Phillip and Chris will be great additions to our already robust group of professionals in this critically important market,” said Andy Ratner, senior managing director for CBRE’s downtown office, in a statement. 

Staff reporter Jacquelyn Ryan can be reached at [email protected] or (323) 549-5225, ext. 228.