Another major lease deal and a new development project on the Westside are the latest evidence that the entertainment industry's westward expansion is far from over.
Ironically, much of that expanion is taking place on properties that formerly housed defense companies, reflecting the changed nature of the L.A. economy.
The lease deal involves Fox Inc. parent company of 20th Century Fox committing to three buildings on Olympic Boulevard near Bundy Drive that formerly were occupied by Teledyne Inc., according to John F. Anderson, vice president of real estate for Fox.
Broker Pat Ayau of Lee & Associates said Fox's 10-year lease for 85,000 square feet of former warehouse space is just the latest in a number of deals reflecting the continued growth of the entertainment industry on the Westside.
"Virtually any space that's suitable for the entertainment business gets leased pretty quickly" in Santa Monica, West Los Angeles and nearby locales where entertainment and other creative-oriented firms now want to locate, Ayau said.
Entertainment and multimedia tenants may eventually occupy another former Teledyne site, according to Jeff Pion, a senior vice president at CB Commercial Real Estate Group's Century City office.
Westbrook Marina Office LLC has bought a 4.5-acre site on Culver Boulevard near the Marina (90) Freeway that formerly was used as warehouse space by Teledyne, according to Pion, who represented Westbrook in its purchase of the property from Florida-based Ocwen Bank.
Westbrook plans to remodel the existing 97,200-square-foot building at the site, add two new 10,000-square-foot buildings and call the complex Media Works: A Multimedia Campus, said Lawry Meister, a partner at Santa Monica-based Steaven Jones Development Co., the general partner in Westbrook.
Meister said the remodeling will include installation of skylights, upgraded electrical and communications wiring, and knocking out most of the second floor of the existing building to create higher ceilings and construct mezzanine space all features that are very popular with companies in the advertising, entertainment and multimedia businesses, she said. Entertainment firms need the higher ceilings for stages, she said, while advertising and multimedia firms like the "creative, loft look" of buildings with higher ceilings.
Meister said her firm has completed about five other projects, most of them in Santa Monica, designed especially for the entertainment industry and multimedia firms.
Among those are spaces occupied by Microsoft Corp. and a Microsoft subsidiary called SoftImage Inc., as well as space occupied by Jerry Bruckheimer, producer of such hit action movies as "Con Air," "Top Gun" and "The Rock."
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