CASE STUDIES

Tenant Representation
1733 Ocean Boulevard, Penthouse
Santa Monica
Omnicom/180LA

ABOUT THE CLIENT

International creative agency with offices in Amsterdam and Santa Monica.
Employs 200+ people. Major clients include Sony and Adidas.

PROJECT DESCRIPTION

Relocation from downtown Santa Monica to 1733 Ocean Avenue penthouse.

PROJECT SIZE

24,000 SF Penthouse

PROJECT DURATION

12 Months

PROJECT TEAM MEMBERS

Industry Partners

 

The Deal

Structured a complex three party transaction with MPG Office Trust, Maguire Investments and Omnicom/180 LA MPG Office Trust had an existing commitment to a long-term headquarters lease at above market rent, which meant Maguire Investments had to allow MPG Office (who had relocated to DTLA) to terminate their existing lease through a buyout, and in turn commit to a longer, less lucrative lease with Omnicom/180 LA. Maguire Investments agreed to the concept of a buyout and new lease subject to all transactions finalized simultaneously.

Insights

Santa Monica Bayside District tax base. Existing small boutique building lacked onsite parking and two floor facility limited staff interaction. Demographics and corporate culture strongly supported remaining in Santa Monica near residences and amenities (bike/walk/run to work). Building and space needs a cool factor (private balconies, ocean views). Important to have a highly designed creative space that allowed staff to interact and clients to enjoy spending time.