Film And TV Production Company Inks 65K SF Lease In West LA
Lumen West LA, a new 550K SF office campus in Sawtelle, has landed a 65K SF tenant.
The tenant is film and TV production and distribution company Fifth Season, and it is the first at the project, which completed construction late last year, CoStar reported.
Fifth Season, formerly known as Endeavor Content, is under the umbrella of the South Korean media and entertainment company CJ ENM. Fifth Season produced Michael Bay’s film Ambulance, the streaming show Severance and the HBO show Tokyo Vice.
“I think business owners are now recognizing you've got to make an exponential flight to quality in order to bring people back to the office," McCarthy Cook & Co. Senior Vice President of Leasing and Marketing Mike Coppin told CoStar.
McCarthy Cook is the owner and operating partner of the office property at 11355-11377 West Olympic Blvd.
Lumen West LA features 65K SF of outdoor space, terraces, a gym and a dog park.
Rents around the Lumen West LA average about $52.30 per SF, which is well above the $42.25-per-SF average for the greater Los Angeles area, CoStar said. But that market's vacancy is 23.6%, which is above the average for LA, according to CoStar.
Overall, the Los Angeles office market has struggled to bring people back to work. The repercussions have been especially visible lately in Downtown, where some buildings have faced foreclosure and defaults.