The second phase of a nine-figure renovation of the Crypto.com Arena is now complete. Anschutz Entertainment Group’s updates to the arena formerly known as the Staples Center included the creation of eight premium spaces: four Tunnel Suites and four Terrace Suites. Only three are still on the market. The first five to sell generated more than $300 million in long-term lease agreements. The sale of all eight will double the arena’s contractually obligated income.
The 12-person Tunnel Suites offer a level of privacy not found in other spaces, giving users the ability to pull up in vehicles next to the suite entrance under the arena, next to where players park. The suites include access to all Crypto.com Arena events including private games and concerts and six valet parking passes for the dedicated VIP entrance. The suite itself is a large room with a large couch and eating area and has access to VIP seats in the arena.
Michele Kajiwara, senior vice president of premium and events business for the Crypto.com Arena and Peacock Theater, called access a unique element of the Tunnel Suits.
“There is a sophisticated buyer that wants the privacy” of the Tunnel Suites, she said, calling them “the best of both worlds” offering privacy inside the suite itself but also great seats inside of the arena.
Kajiwara added that the small number of suites created a “scarcity buzz.”
Construction wrapped on the suites on Oct. 1.
Individuals or entities leasing the suites can give them to friends, family or charity or even resell them for certain events.
“It’s like currency, these tickets,” Kajiwara said.
The Terrace Suites are located on the main concourse and fit 14 people. They include access to all Lakers, Kings and Clippers Games, as well as concerts and the first right to purchase private-event tickets.
“Our competitive edge comes with the diversity of what we can offer,” Kajiwara said, adding that the variety of events people had access to made them “make sense for someone’s business.”
Kajiwara declined to disclose the price of the suites.
New studio
In addition to the suites, AEG, Coca-Cola North America and local bottling partner Reyes Coca-Cola Bottling have renewed a multiyear partnership, creating a Coke Studio at the Crypto.com Arena.
“We are proud to be building on the success of our long-standing and fruitful relationship with Coca-Cola,” Russell Silvers, chief operating officer of AEG Global Partnerships, said in a statement.
The 3,300-square-foot Coke Studio, which can be accessed through the exterior of the building and will be open to the public, features a recording studio and event space. It replaces the New Era D-Lab.
Kami Stoianov, senior director of partner activation for AEG Global Partnerships, called the last few weeks a “sprint to the finish line” to get the area ready.
She added that Coke has been a longtime partner of AEG and has been working on music integration.
The Coke Studio will have a soft opening this fall. It will have interactive experiences, podcast recordings and artist appearances and performances. Merchandise is also available for purchase.
