Anderson Towers. Rendering courtesy of Montalba Architects
Ares Administration has change into the brand new anchor tenant at Anderson Towers, a two-building, 905,942-square-foot Class A mid-rise workplace campus in Los Angeles’ Century Metropolis.
The agency signed a 12-year lease for 206,000 sq. ft of area that additionally contains unique naming rights. The relocation of Ares’ Los Angeles-based group is predicted in June 2024. The towers are at present present process an $100 million renovation, financed by AllianceBernstein.
LA Realty Companions, alongside a CBRE leasing group acted on behalf of the property’s supervisor and developer, Anderson Actual Property. Savills and WESTMAC represented Ares Administration.
The historical past of Anderson towers
Situated at 1800 and 1900 Ave. of the Stars, Anderson Towers have been constructed in 1963 and 1968, respectively. The buildings underwent beauty renovations in 1993 and 2000, based on CommercialEdge data.
Located in Century Metropolis, alongside one of many metro’s largest employment facilities, the property hosts quite a few high-profile tenants within the banking, legislation and know-how sectors together with Wells Fargo, Citi and ADR Providers, the identical supply reveals. Present facilities embrace 7,457 sq. ft of retail area and devoted above and underground parking. Located adjoining to Santa Monica Boulevard and inside 10 miles of downtown LA, the complicated has fast entry to lots of the metropolis’s prime business and cultural websites.
Anderson Towers. Rendering courtesy of OJB
The design of the redeveloped Anderson Towers is being spearheaded by David Montalba, founding principal of Montalba Architects and Dillon Diers, accomplice at OJB Panorama Structure. Each corporations will deal with the complicated’s constructing design and outside landscaping, respectively.
Tony Kantarjian of EEI is managing the undertaking’s growth. In full, the upgrades name for the addition of panoramic cityscape views, modernized amenity areas, service choices and property know-how, in addition to courtyards with a direct connection to the Westfield Century Metropolis Mall.
Peter Greatest, principal at LA Realty Companions along with CBRE First Vice Presidents Rocky Binswanger and David Freitag, in addition to Senior Vice President Bryan Dunne represented Anderson. Savills Government Managing Director John Bertram and Government Vice President Scott Gertz negotiated the lease on behalf of Ares. John Tipton, accomplice at Allen Matkins served because the tenant’s counsel.
The Los Angeles workplace panorama
Ares’ lease closes throughout a time of uncertainty for town’s workplace sector, as market traits are each constructive and unfavorable within the face of a large-scale downsizing of among the metropolis’s largest employers. In response to knowledge from a December 2022 CommercialEdge report, town’s itemizing price of $42.32 per sq. foot, along with its year-to-date gross sales quantity of $3.2 billion rank among the many highest within the nation, regardless of vital slowdowns within the metropolis’s pipeline. As of November 30, town had a emptiness price of 14.8 p.c, with solely 2.1 million sq. ft of further area in its pipeline.
Latest workplace headlines across the metropolis embrace MGR Actual Property’s acquisition of Ontario Airport Tower, 147,732-square-foot asset within the Inland Empire. Extra domestically, in December of 2022, Amir Improvement obtained $20 million in refinancing for Wilshire Robertson Plaza, a 126,567-square-foot medical workplace constructing in Beverly Hills, Calif.
