Gary Horwitz, downtown L.A. managing director for Jones Lang LaSalle Inc., represented Guitar Center. He said that the company’s quick expansion provided urgency to getting a deal done by the end of the year.
“We needed to find a home for these employees, so we focused on finding a landlord who could perform quickly and could fund the necessary tenant improvements,” Horwitz said.
Other tenants in the Thousand Oaks building include New York’s Verizon Communications Inc. and Falls Church, Va., defense contractor General Dynamics Corp.
Guitar Center also was represented by Jones Lang LaSalle Managing Director Jim Lindvall and Vice President Kamil Agha. NAI Capital Inc. Executive Vice President Lee Black and Vice President Jared Smits represented LBA Realty.
New Century Deal
In another recent headquarters move, Danning Gill Diamond & Kollitz LLP is moving into smaller offices in Century City.
The bankruptcy law firm is leasing the entire 11th floor, or about 22,000 square feet, at 1900 Avenue of the Stars. Terms with landlord Duesenberg Investment Co. were not disclosed, but the deal is valued at $5.5 million, according to sources.
The new lease represents a 4,000-square-foot reduction from its office space at 2029 Century Park East, where it has been for more than 15 years.
Mike Catalano, executive vice president at Studley Inc. in West Los Angeles, who represented the firm, said the decision to trim the lease size is in line with industry trends.
“Companies and law firms continue to strive to be more profitable and one way is to lower your bottom line and that can be done through taking less square feet and being more efficient,” Catalano said.
However, the 45-employee firm will still occupy an entire floor, which was important to the company’s image, he said.
Other tenants in the building include Jeffer Mangels Butler & Mitchell LLP and market research company Lieberman Research Worldwide Co.
Landlord Duesenberg was represented by Topa Management Co.’s Darren Bell.
Staff reporter Jacquelyn Ryan can be reached at firstname.lastname@example.org or (323) 549-5225, ext. 228.
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