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An overview by region shows that more than half of the country’s most expensive 50 office submarkets are located on the West Coast — 27 locations in California and one highly desirable neighborhood in Seattle. Coming in at ninth place was the only Los Angeles submarket to make it into the top 10. Asking rents for office space in Beverly Hills rested at an average of $75.20 per square foot.
The National Hot Rod Association (NHRA) — the largest auto racing organization in the world — has decided to part with its headquarters, currently located in the greater Los Angeles city of Glendora. While some executives will remain on the West Coast, daily operations and some of the staff will move to the association’s office space in Indianapolis.
Parallel Capital Partners Inc. (PCP) announced the completion of notable lease renewals at its greater Los Angeles office property. The U.S. General Services Administration (GSA) is set to continue its occupancy—spanning more than 140,000 square feet—at Shoreline Square in Long Beach. The transaction is reported to amount to $80 million. CBRE’s Brian Saal represented Parallel, while Cushman & Wakefield’s John Winnek represented the tenants.
the most expensive office submarket in Los Angeles was Beverly Hills, which ranked 19th out of 50 with an average asking rent of $70.57 per square foot per year. Santa Monica was the second-priciest in the Los Angeles metro and 22nd priciest overall. Here, asking office rents averaged $69.59 per square foot in Q4 2020.
The company recently acquired a 50% interest in an existing joint venture that owns the Beach Cities Media Campus — a fully entitled development site in the Rosencrans Corridor. Located in the El Segundo submarket of Los Angeles, the media campus site spans 6.4 acres and supports the future development of up to 275,000 square feet of creative office space at the western border of Continental Park, just east of the Pacific Coast Highway.