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Commercial Real Estate

Owners Spruce Up Center Green With New Name, Focus

March 14, 2000|JESUS SANCHEZ | TIMES STAFF WRITER

The emerald-green addition to West Hollywood's Pacific Design Center became an instant landmark when it opened in 1988.

But the nine-story Center Green Building proved better at attracting attention than tenants. It never matched the success of its equally dramatic neighbor, the "Blue Whale" building on Melrose Avenue, in attracting furniture showrooms and interior design firms. In fact, one floor has remained empty since the building opened.

Now, after a change of ownership and ongoing remodeling, the 480,000-square-foot building has a new name and a focus. The newly re-christened Pacific Green Offices at the Pacific Design Center is being marketed to entertainment firms and new media tenants seeking space in the tight Westside office market, where the vacancy rate hovers around 5%.

"It's a great space and the market demand is outpacing supply," said leasing specialist Chris DuMont of CB Richard Ellis. DuMont and fellow broker Jeff Pion are representing the building's new owners, a group headed by Charles S. Cohen of New York and a real estate investment fund managed by Cheslock Bkker & Associates, to market the approximately 200,000 square feet of space available in the building.

The relatively few designer showrooms in the Pacific Green Offices are being relocated to the Blue Whale, which also has a new name: the Pacific Blue Showroom.

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