The Hollywood Reporter and five associated businesses and publications are moving into the Miracle Mile’s Wilshire Courtyard complex.
The businesses, owned by New York-based Prometheus Global Media, are taking the entire fifth floor at 5700 Wilshire Blvd. The 10-year lease for 27,040 square feet is valued at more than $12.5 million. The paper could move in as soon as June.
Wilshire Courtyard was formerly home to rival Hollywood trade publication Variety, which moved in 2008 to a high rise several blocks west.
The Hollywood Reporter is leaving space down the street at 5055 Wilshire Blvd., where it shared a single floor with Billboard, Adweek and Backstage.
Prometheus acquired the companies from Nielsen Business Media in late 2009. Prometheus Chairman James Finkelstein also is chief executive of News Communications Inc., which operates Washington, D.C. political newspaper The Hill.
Madison Partners negotiated on behalf of landlord RREEF American REIT II. Prometheus was represented by CB Richard Ellis and PBS Real Estate.
The Los Angeles Business Journal also is located in Wilshire Courtyard.
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