Creative Artists Agency has signed a four-year lease renewal for 302,911 square feet in Century City.
CAA signed the lease for 2000 Avenue of the Stars and Century Plaza Towers. The landlord is Entertainment Center.
CBRE Group Inc.’s Amanda Calof, Pat McRoskey and Patti Gilbert represented the landlord in the transaction. Cresa’s Matthew Miller represented Creative Artists Agency.
“The renewal of this lease is indicative of the staying power and importance of the physical office,” McRoskey said in a statement.
Century Park, where the offices are, is a three-building campus that sits on 14 acres. It has a fitness club, banks, pharmacies, electric vehicle charging stations and dry cleaning.
“This transaction demonstrates CBRE’s ongoing focus on and the importance of premier office space, centralized location and tenant amenities,” Calof said in a statement. “Our Century City team continues to cultivate a community of global brands, industry leaders and innovative trailblazers that continue to recognize and value the importance of this strategic location and its multitude of conveniences.”
Century City is one of the hottest office markets in L.A.
In the first quarter, the asking rate for Class A office space in the area was $6.39 a square foot, far above the county average of $4 a square foot, according to data from Jones Lang LaSalle Inc.
And the area had a mere 9% vacancy rate compared with a countywide average of 17.5%, according to JLL data. The only market with a lower vacancy rate was Burbank.
