January 29, 2023 Breaking News, Latest News, and Videos

Two Santa Monica Deals Among Largest Leases in LA-Region for 2022

Lionsgate and Amazon among top-5 Los Angeles-area leases last year

By Dolores Quintana

Los Angeles’ office space real estate has hit a vacancy level of 20% in the third quarter of 2022 as reported by The Real Deal.com. The number of new leases in the city has fallen noticeably. 

In what is referred to as a slowdown market, there are a smaller number of large lease deals happening. The city’s biggest office real estate deal was that of talent management company Creative Artists Agency’s (CAA) deal to lease 400,000 square feet of space in a future 37-story development that will be located at 1950 Avenue of the Stars. Amazon.com, clinical laboratory company Quest Diagnostics, movie studio Lionsgate and clothing store Forever 21 are some of the other companies that closed big deals. Aside from the deals closed by CAA and Amazon.com, no other deals were for spaces over 200,000 square feet which is similar to the office leasing environment during the beginning of the pandemic and its lockdown period. 

In comparison, the total of the top five deals in 2022 is 1.16 million square feet versus the previous year’s total of 1.23 million square feet. 

In Santa Monica starting in 2023, Amazon.com will be leasing part of the Water Garden complex at 1620 26th Street. The deal is for 208,000 square feet of space for Amazon.com’s film and television production company. The Water Garden is the biggest office campus in the area. Amazon.com’s Water Garden lease is part of an overall package deal that includes 439,000 square feet of office space leasing in Santa Monica, Irvine and San Diego. The Water Garden’s owner, J.P. Morgan Asset Management, put the complex up for sale for $1.4 billion in November 2022.

Also in Santa Monica, Lionsgate, a film studio, extended their lease on their office at 2700 Colorado Avenue in January 2023. The lease is for 193,000 square feet in the otherwise vacant space. The 316,000-square-foot complex extends from 2600 to 2700 Colorado and the owner of the property, Oracle, the software company, is the occupant of the 2600 Colorado address. The Asian fusion restaurant Tiato is the other tenant in the complex.

Related Posts

SMa.r.t Column: Widespread Issues Put Santa Monica in Danger

January 28, 2023

January 28, 2023

Following are 5 issues which, along with homelessness and crime, should take priority over all else in our city’s immediate...

1980s Rustic Canyon Home Hits the Market for $7.5 Million

January 28, 2023

January 28, 2023

Property checks in at over 5,000 square feet featuring five bedrooms By Dolores Quintana A home designed by fine artist...

New Two-Story Commercial Building Proposed for Main Street in Santa Monica

January 28, 2023

January 28, 2023

Project at Marine and Main would replace current parking lot A new two-story commercial building has been proposed for Main...

Column: State Usurping Key Powers From Cities

January 28, 2023

January 28, 2023

All over California last fall, hundreds of the civic minded spent thousands of hours and millions of dollars running for...

260-Acre Property Comprising 6% of Bel Air on the Market!

January 27, 2023

January 27, 2023

Last-ditch effort to sell Senderos Canyon spread By Dolores Quintana Bel-Air, one of the most exclusive neighborhoods in the United...

Massive 24,000-Gallon Raw Sewage Leak Closes Local Beaches

January 27, 2023

January 27, 2023

Wednesday leak near Admiralty Way and Palawan Way cause of closures A massive 24,000-gallon raw sewage leak shut down several...

Debris Washed Ashore at Santa Monica Beach

January 27, 2023

January 27, 2023

Debris Washed Ashore at Santa Monica Beach During Last Week’s Storms. @smmirrornews Debris Washed Ashore at Santa Monica Beach During...

Popular Health-Conscious Restaurant Closes Downtown Santa Monica Location

January 26, 2023

January 26, 2023

Flowerchild no longer at 1332 Second Street By Dolores Quintana A popular health-conscious restaurant has shut down its Downtown Santa...

Iconic Roscoe’s Chicken ‘n Waffles Shutters its Pico Location

January 26, 2023

January 26, 2023

LA-based chain to focus on flagship on La Brea and Washington By Dolores Quintana For everyone who loves Roscoe’s Chicken...

Santa Monica Road Rage Incident Results in Shooting and Arrests for Attempted Murder

January 25, 2023

January 25, 2023

Manuel Jaramillo-Heredia and Emilio Reyes were arrested in connection to Tuesday incident By Sam Catanzaro A road rage incident escalated...

Column – A California Positive: Kids Swarm Extra Classes

January 24, 2023

January 24, 2023

By Tom Elias It’s become a cliché, the shibboleth that California has lousy public schools and most of the kids...

New Sourdough Bagel Shop Now Open in Ocean Park

January 24, 2023

January 24, 2023

Layla’s Bagels by chef Sergio Espana (formally from Tartine and Gjusta) has opened a shop on Ocean Park. @smmirrornews New...

Westside Food Bank Struggling to Find Eggs

January 24, 2023

January 24, 2023

Avian flu outbreak and inflation have been driving these shortages Westside Food Bank is turning to alternative suppliers to try...

St. Joseph Center President & CEO Leaving Organization to Lead LAHSA

January 24, 2023

January 24, 2023

25-year veteran of St. Joseph Center will service as serve as CEO of the Los Angeles Homeless Services Authority Dr....

Michigan Man Extradited to Santa Monica for Beach Parking Lot Murder

January 24, 2023

January 24, 2023

Mohamed Abou-Arabi faces murder charges for November killing By Sam Catanzaro A Michigan man has been extradited to Santa Monica...