Terms of the three-year agreement will give Shandwick USA an additional 5,927 sf at 1888 Century Park East, raising its total square footage in the high-rise to 40,062. Shandwick USA is part of Interpublic Group of Cos., the New York-based advertising and marketing-services conglomerate.
Shandwick USA was represented by Steven Kolsky, principal in the LA office of Newmark & Co. Real Estate Inc., and Scott Panzer, principal in Newmark's New York office. Mickey Isen, managing director at Beverly Hills-based Kennedy Wilson International, represented landlord Bental 1888 LLC.
"Shandwick needed the expansion space to accommodate employees from a recent acquisition," says Kolsky. "Newmark negotiated a buy-out of an existing lease with another tenant in the building in order for Shandwick to make room for these employees."
Though Kolsky won't disclose the value of Shandwick's new lease, other sources say the pact is worth about $4.5 million.
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