Chalk another one up to Santa Monica’s appeal to creative companies.
Prominent Miami-based ad agency Crispin Porter & Bogusky LLC has signed a lease for 38,000 square feet in the coastal city to deepen its L.A. roots.
The advertising and design firm, known for campaigns for companies such as Microsoft Corp. and Burger King Corp., secured a 10-year lease in the former Sony Music Entertainment Complex at 2110 Colorado Ave.
Industry sources pegged the deal’s value at roughly $17.5 million. Crispin Porter is leasing nearly all the remaining space at the campus, which is 60 percent occupied by Universal Music.
Crispin Porter has occupied about 5,000 square feet at 1410 Second St. in Santa Monica for the last five years; before that, it held about 3,000 square feet in Venice since 2001.
John Broe, Crispin Porter’s vice president of partnership development in Miami, said the expansion was a logical step for his company.
“L.A. is a market full of talent. It’s a market where a lot of our people spend a lot of time on shoots and productions,” he said.
Santa Monica has a cluster of creative tenants and is attracting more. Rapidly growing video game company Riot Games, creator of Internet game “League of Legends,” announced this year that it was leaving Culver City for the Yahoo Center at Broadway and 26th Street.
The company employs about 25 people in Los Angeles, but its new office can hold up to 200. Broe said he is not sure how quickly those positions will be filled. It will move in toward the end of the year.
Owned by MDC Partners Inc., a publicly traded holding company based in Toronto, Crispin Porter is best known for provocative ad campaigns, including Microsoft’s ‘I’m a PC’ campaign. AdWeek named it agency of the year in 2008.
Mark Sullivan, Studley Inc. executive vice president and regional manager for Southern California, represented Crispin Porter. Jeff Pion, CB Richard Ellis Group Inc.’s executive vice president, represented landlord Kilroy Realty Corp.
Planting Flag
In other expansion news, Chase Bank is opening a flagship branch in downtown Los Angeles as part of a plan to open 100 outlets in California this year.
The 10-year lease, valued at $3 million, gives New York-based JP Morgan Chase & Co. 6,455 square feet at 888 W. Sixth St., at the corner of Flower Street. The branch will offer regular banking services, as well as private banking for wealthy customers.
The ground-floor space was occupied by clothing retailer Brooks Brothers Inc. until September. The bank will receive building-top signage, replacing that of Northwestern Mutual Life, and move in later this year.
The banking giant entered the California market when it acquired Washington Mutual Inc.’s approximately 700 state branches in 2008. It has since expanded and only weeks ago announced a plan to expand to 900 branches in the state. As many as 65 will be in Southern California and are expected to open by the end of this year.
In the downtown area, Chase has a small office at 725 S. Figueroa St. as well as one at University Gateway center, an off-campus housing complex for USC students.
“It’s an excellent location for Chase Bank to open their flagship store,” said Transwestern Executive Managing Director Jonathan Larsen, who along with Senior Associate Katie Bernhisel represented landlord Somerset Group.
Richard Rizika, executive vice president at CB Richard Ellis Group, represented Chase.
Strategic Position
Whitley Collins has left his position as Jones Lang LaSalle Inc.’s senior managing director for Los Angeles to take a national position at competitor CB Richard Ellis, where he started his career.
Collins was named executive managing director of strategic projects for the Americas in the company’s Newport Beach office this month. He will focus on national management and leadership under Mike Lafitte, president of the Americas.
“On a personal level, CB Richard Ellis is home for me. I grew up professionally at the firm and have many lifelong friendships and business relationships here,” Collins said. “Professionally, I was drawn back to CB Richard Ellis by the opportunity they have afforded me to build a career path as a national manager and leader.”
Collins, 46, lives in Manhattan Beach. He received a B.A. degree in business from the University of San Diego in 1986 and started his career with West L.A.-based CB Richard Ellis shortly after. In 2005, he joined Staubach Co., later acquired by Jones Lang LaSalle.
Staff reporter Jacquelyn Ryan can be reached at [email protected] or (323) 549-5225, ext. 228.
