The 1.2 million-square-foot office campus is owned by Boston Properties Inc. It is located at 2425-2501 Colorado Ave.
Roku, which provides streaming television services and makes digital media players, currently has office space across the street at the Water Garden complex. The company is headquartered in Los Gatos.
"We are very excited to begin our next chapter in Colorado Center. Our space will provide an ideal location for our team to connect, collaborate and innovate, and we are thrilled to partner with Boston Properties to bring the space to life," Kevin Kearns, director of global real estate at Roku, said in a statement.
“Roku is one of the fastest growing entertainment platforms in the world, and we are thrilled to welcome them to Colorado Center,” Jonathan Lange, senior vice president, Los Angeles Region for Boston Properties, said in a statement. “Roku’s commitment demonstrates the ongoing demand for premium, well-designed Class A office environments for today’s leading technology and entertainment companies.”
LA Realty represented Colorado Center in the lease. Colliers International and Cresa represented Roku.
Santa Monica is the most expensive office market in the county. Asking rents for Class A space in the market during the first quarter was $6.56 a square foot, according to data from Jones Lang LaSalle Inc. That’s significantly higher than the $4 a square foot county average.
But vacancy rates and sublease space in the area have been increasing. During the first quarter, the vacancy rate in the city was 18.5%, up from 8.9% the same time period the previous year.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Tesla Signs 5-Year Lease in Santa Monica
- Roku Acquires Quibi Content Catalog
- Mega Lion Signs Large Industrial Lease in Santa Fe Springs
- Clothing Wholesaler Maran Inks Lease in Santa Fe Springs
- Who’s Who in Real Estate: Demand for Supply Drives Industrial Developers
- Ivy Looks to Provide Flex Space Solutions
- TenantBase Looks to Ease Office Leasing Process With Digital Platform
- Vista Buys Denver Office Building for $31 Million