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CALIFORNIA | BRIEFLY: REAL ESTATE

Media Firm to Move to Wilshire Corridor

July 09, 1999|Jesus Sanchez

Western Initiative Media Worldwide said it has agreed to occupy 130,000 square feet of space in the Wilshire Courtyard in a 15-year lease valued at more than $50 million. The media services company, formerly Western International Media, said it will move out of its current West Hollywood offices and into the new headquarters before the end of the year. The vacancy rate at the 1-million-square-foot complex at 5700-5750 Wilshire Blvd.--which is owned by New York-based Blackstone Real Estate Advisors and McCarthy Cook & Co. of Los Angeles--will drop to only 4% as a result of the new lease. The Blackstone/McCarthy group has leased more than 650,000 square feet since it purchased the property in May 1998. Last December, E! Entertainment Television signed a 13-year lease there for 275,000 square feet.

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