JMB Realty is poised to sign its third tenant to a 37-story office tower in Century City, before the first floor has risen off the ground.
The Chicago-based investor is close to an agreement with law firm Sidley Austin to pre-lease 75,000 square feet of the undulating spire planned for 1950 Avenue of the Stars, the Commercial Observer reported, citing unidentified sources.
The law firm is the third major tenant to sign up at the tower. In August, private equity firm Clearlake Capital Group signed a lease for 150,000 square feet. In January of last year, talent firm Creative Artists Agency cut a deal to take up 400,000 square feet for a new headquarters.
With Sidley Austin’s pending deal, the 730,000-square-foot office building is 85 percent pre-leased.
The $300 million project, designed by Johnson Fain, started construction late this year but still remains an open pit. It’s expected to be completed in 2026.
When it’s finished, the Chicago-based law firm would move across the street from its current Century City office at 1999 Avenue of the Stars, according to the Observer. The firm will soon exit the troubled Gas Company Tower in Downtown after signing a lease for 57,100 square feet at 350 South Grand Avenue.
Century City is one of the bright spots across L.A.’s office market and offers more square footage for tenants looking to expand across the Westside. About 15 percent of offices in Century City were available in the second quarter, compared to 30 percent across Los Angeles, according to Savills.
Law firms are taking advantage of tenant-favoring market conditions in a “flight to quality” to upgrade their offices, according to a report from JLL.
Read more
Commercial
Los Angeles
Clearlake Capital pre-leases top eight floors at JMB’s Century City project
Commercial
Los Angeles
CAA picks JMB Realty’s new Century City tower for HQ
Commercial
Los Angeles
How Century City became the country's "best office market"
— Dana Bartholomew