The Westside’s office vacancy took a tiny dip in the fourth quarter, reaching 13.4 percent from 13.6 percent the prior quarter, and compared with 13.2 percent in the year-earlier period. Class A rents rose notably to $4.83 a square foot from $4.76 in the third. Net absorption was 74,362 square feet. There are 1.3 million square feet under construction in the market.

Main Events

-Fandango leased more than 97,000 square feet at Tishman Speyer’s 407 Maple Drive in Beverly Hills, planning to relocate from West Los Angeles.

-Fred Segal signed a long-term lease for 22,000 square feet in CIM Group’s Sunset La Cienega mixed-use project at 8500 Sunset Blvd. on the Sunset Strip.

-Oracle Corp. purchased an office building at 2600 and 2700 Colorado Ave. in Santa Monica with 316,000 square feet for $368 million from Invesco Ltd. and Worthe Real Estate Group.

For reprint and licensing requests for this article, CLICK HERE.