Restaurants and Retail Target New Space Amid Century City Office Boom
Amid a resurgence of the Century City office market, new retail spaces are attracting tenants with grand visions to attract the corporate card-wielding crowds from talent agencies, law firms, financial services, private equity firms and other professionals, along with the residents of nearby luxury residential towers.
The area's growth has drawn interest from around the country, with tenants such as Milos, Kyu, 2-Star Michelin restaurant Sushi Noz and Wally's Wine & Spirits at the Century Plaza. Plus, life and business strategist Tony Robbins partnered with Sam Nazarian to develop The Estate, a private wellness club set to open later this year in Century City with memberships that cost $35,000 per year. The duo plans to open 25 longevity-focused resorts and residential projects worldwide by 2030.
More new restaurants and shops have signaled interest in Century City outposts. Famed Chicago eatery Gene & Georgetti, a third-generation Tuscan steakhouse founded in 1941 with the claim of the city's oldest steakhouse, has expansion plans beyond its original (and single) location. Owner Michelle Durpetti, who assumed control following her father's death last year, stated that she is looking to add multiple locations, including California.
'We have looked at several locations in the L.A. area,' said Durpetti, who noted that the restaurant has not yet signed a lease.
That's the kind of interest that has been generated as office tenants flock to the area from West Los Angeles, Downtown Los Angeles and beyond. And while there's still prime space for three or four more restaurants, CBRE senior vice president Houman Mahboubi, who represents Century Plaza's nearly 100,000 square feet of dining, shopping and wellness space, indicated that there is strong interest from across the country as well.
'People want all of the amenities. It's the hottest market after Beverly Hills,' said Mahboubi.
Office DevelopmentA crucial piece of new development is Century City Center, a 37-story tower developed by JMB Realty Corp. and designed by Johnson Fain, at 1950 Avenue of the Stars. Plans are on track to open the building in the second quarter of next year, anchored by CAA's 400,000-square-foot headquarters along with offices for law firm Sidley Austin and investment firm Clearlake Capital.
General contractor Clark Construction celebrated a topping-out ceremony last December, and most of the building has been pre-leased. It has four full floors available, although there has been strong activity, according to the landlord representatives Eric Olofson, Pete Collins and Scott Menkus of Cushman & Wakefield.
'We expect the building to deliver fully leased,' said Eric Olofson, Cushman & Wakefield executive vice chairman.
He stated that tenants are attracted to the amenities offered such as a tenant lounge, outdoor park and private gym, along with other features such as wellness amenities. For example, each floor of the building can control its HVAC and refresh air on a nightly basis, should they choose to do so. The building is targeting LEED Platinum certification, which represents the highest level of sustainable design for energy efficiency, minimal water usage, reduced greenhouse gas emissions, and a commitment to improving occupant health and well-being.
In addition, the building will utilize technology called Cohesion that allows tenants to enter with the convenience and security of digital access with Apple or Google Wallet on their smartphones. They will also have one-tap access to space reservations, onsite events and instant building alerts.
The new building has commanded lease rates in excess of $10 per square foot. It represents the high-water mark for the city and much of the West Coast. Those rates have directly led to increases in nearby buildings, where deals have transacted above $9 per square foot. According to data from brokerage firm Savills, contract and effective rents are at an all-time high in Century City, and the top six buildings are above $8 per square foot per month.
Savills is among the companies that left Downtown for Century City. The commercial real estate firm plans to expand into a 24,000-square-foot office there later this year.
'You won't find better owners that are well-funded and are tenant service first' said Josh Gorin, president of Savills Los Angeles. He noted that statistics can be skewed by the availability rate at roughly 20% for the 13 million-square-foot area because trophy buildings have availability at half of that figure, and there are very few blocks that can accommodate tenants greater than 50,000 square feet. However, there are price points that work for many companies, with buildings ranging from $4.50 a square foot per month and up.
Companies tend to sign long-term leases in Century City to mitigate the cost of construction. Moreover, they are focused on providing amenities that make the workspace collaborative. Savills' new office is hospitality focused, according to Goring, and the space has been reimagined to be a gathering place for employees and clients. Among its many features is a golf simulator.
That sentiment was echoed by Andrew Ratner, executive managing director of CBRE's Century City office. The firm relocated to 2000 Avenue of the Stars at the beginning of 2024 that includes a hidden speakeasy-type space within its confines. About 110 employees regularly work at the office, which has 14 different types of workspaces available and connectivity at every desk for both individual and group work.
'Wellness and sustainability were a big part of our planning,' said Ratner. 'Attendance and the energy level in the office are both up. Century City is such a vibrant market.'
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