CAA, ICM Merger Puts Century City Office Leases in Question – The Hollywood Reporter
With Monday morning’s blockbuster information that CAA is shopping for ICM Companions got here the query of what’s going to occur to every company’s invaluable workplace constructing area, simply throughout the road from one another in Century Metropolis.
CAA president Richard Lovett informed The Hollywood Reporter that the newly mixed corporations “are all going to be in a single location collectively as quickly as time permits for that to be,” which means that one or each will seemingly should get out of longterm leases.
CAA signed a four-year lease renewal in July for its 2000 Avenue of the Stars and Century Plaza Towers areas, in keeping with a Los Angeles Enterprise Journal report that month. The area is available in at 302,911 sq. ft. Century Park, which encompasses the workplaces, is a three-building complicated sitting on 14 acres, with facilities together with health membership, dry cleansing, banks and pharmacies, and has been residence to CAA since 2007.
ICM Companions’ headquarters is across the nook at 10250 Constellation Blvd., holding the highest 5 flooring of a 35-story Century Metropolis skyscraper since an growth in 2016, with unique signage on the tower. ICM has a 10-plus-year lease on the area, which homes greater than 200 brokers and execs and an estimated 400 whole staffers in a 112,000-square-foot area. ICM would wish to seek out an exit from that lease if it ought to want to transfer its employees elsewhere. It has been within the Johnson Fain Companions-designed constructing since 2007, initially occupying the seventh, eighth and ninth flooring.
In line with Century Park’s web site, there are two workplaces areas opening up in 2000 Avenue of the Stars within the coming months (one at 26,000 sq. ft and one other at 31,000), however neither are seemingly massive sufficient to suit lots of of latest staffers, at the same time as layoffs are anticipated. Century Park’s North Tower has many vacancies, together with a number of total flooring, if CAA chooses to increase that approach.
Neither CAA or ICM have returned to in-person work amid the pandemic, and haven’t set particular return-to-office dates because the Delta variant delayed authentic plans for summer season or early fall return.