LOS ANGELES-Studio City, an Emmy Award-winning marketing firm, signed a 72-month lease at a 19,000-square-foot office building in the North Hollywood Arts District. Lee & Associates-L.A. North/Ventura transacted the lease, which is estimated to be worth $3.4 million. The North Hollywood office space, located at 5161 Lankershim Blvd., is double the size of the firm's current space in Studio City.
“Studio City outgrew their space,” Scott Romick, a principal at Lee & Associates-L.A. North/Ventura, tells GlobeSt.com. “We needed to find them an alternate location that would offer the same level, or more, of amenities as well as a location that would still be convenient for their employees.”
Disney Interactive had formerly leased the space, but recently moved to the new Disney Campus in Glendale, a $2-billion project it started building over a decade ago, leaving this location available for Studio City. The building features polished concrete floors, exposed ceilings, ample natural light and an open courtyard, all of which meet Studio City's needs for a creative workspace.
“The new location adds value to the company's culture,” says Romick. “[It] is right at the center of the NoHo Arts District, so it gives them many restaurants and entertainment options within walking distance and a neighborhood vibe that matches the youthful, creative culture and energy of the company. And North Hollywood is still centrally located for their television clients,” which include Disney/ABC, Fox, NBCUniversal, CBS and Warner Bros.
Studio City has begun remodeling the space to build a creative environment that is conducive to their writers, editors and producers. The remodel will be complete in time for the firm to move into the office in January.
Lee & Associates-L.A. North/Ventura has been steadily helping to improve vacancy rates in North Los Angeles submarkets, like North Hollywood. As GlobeSt.com reported earlier this month, office vacancy rates in one submarket declined to 17% in the second quarter.
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Kelsi Maree Borland
