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Warner Music Group, the third-largest recording company worldwide, is moving from its longtime home in Burbank to the old Ford Factory in the Arts District.
Since most of the record labels are located in Hollywood and on the Westside and other parts of the city, San Francisco's Shorenstein Properties is delighted to have such a tenant, Shorenstein Properties SVP Jim Pierre tells Bisnow.
The company has put in the work, designing a building "worthy of a great tenant" and one that reflects the creative atmosphere the Arts District offers, Jim says.
The 257k SF Ford building, at 777 South Santa Fe Ave, was built more than a century ago by Ford Motor Co.
CBRE SVP John Zanetos, along with CBRE Vice Chairman Todd Doney, SVP Rob Waller, senior associate Chris Penrose and associate Phil Ruhl, repped Shorenstein Properties.
John tells Bisnow Warner Music will "significantly change the landscape" of the Arts District and DTLA.
Warner Music's lease is for about $10M a year over 13 years with the lease beginning in August.
There is an option for another 10 years, the LA Times reports. Warner Music plans to move into the building in 2018.
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