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CBRE's Shannon Sees Creative Rates Spiking

LOS ANGELES-In this update to an earlier story, creative offices are at a premium on the west side, says CBRE's Kevin Shannon. Some companies may be forced to migrate from Silicon Beach as a result.

By Bruce Haring | Updated on May 03, 2013

SANTA MONICA, CA-The sale of the iconic Clock Tower building here is yet another example of west side creative office space commanding a premium price, says a prominent CBRE executive.

As reported earlier in GlobeSt.com, Sorgente Group of America purchased the Clock Tower for $34.3 million at the end of last month. The 12-story, 53,465-square-foot building is located 221-225 Santa Monica Blvd. in the downtown area here nicknamed Silicon Beach, owing to the number of technology firms with offices.

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