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Law Firm 'Moves Down' in $35-Mil Deal

LOS ANGELES-Jeffer, Mangels will leave "trophy" Fox Plaza for 90,000 sf at Divco West's 1900 Avenue of the Stars building. Though deal is one of Century City's largest this year, it also reflects efforts by tenants to cut their rental expense.

By David W. Myers | Updated on December 09, 2001

LOS ANGELES-One of the region’s best-known law firms has signed a deal valued at more than $35 million to move out of the high-profile Fox Plaza in Century City and into a neighboring building where rents are much lower.

Terms of the 10-year deal will provide Jeffer, Mangels, Butler & Marmaro LLP with 90,000 sf at Divco West Properties’ 1900 Avenue of the Stars high-rise complex near Santa Monica Boulevard. The firm will take four floors of the 28-story project, pushing the tower’s occupancy to nearly 100%.

Though none of the principals or brokers directly involved in the lease will disclose its financials terms, other commercial real estate pros say the deal is valued at around $35 million to $40 million. While that’s enough to make the transaction one of the largest in Century City this year, it’s also much less than Jeffer Mangels would pay to renew its lease at Fox Plaza—and a sign that even some of LA’s top-notch tenants are looking for ways to save money on space while the future of the economy remains cloudy.

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