Terms of the lease were not disclosed, but industry sources say it was approximately $2.2 million, which works out to well below the published asking rate of $2.95 per sf per month.
Movielink is a new venture formed by Warner Bros, Paramount, MGM, Sony and Universal Studios to create a service that will offer theatrical movies on demand in a digital format that can be accessed over the Internet.
This is the first permanent space for the new venture, broker Paul Stockwell of Julien J. Studley Inc. tells GlobeSt.com, explaining that Movielink had operated temporarily from offices in nearby Westwood. Stockwell represented Movielink, along with Studley's Mark Robinson, Rosey Miller and Mike Catalano. Landlord Equity Office Properties was represented in-house by Gail Goldstein.
"One of the things that made this building work well for the tenant was that the space was already built out in a way that was creative and functional, so they could move into it without having to make a lot of changes," Stockwell tells GlobeSt.com.
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