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Creative Planet Picks Wilshire Courtyard

COMMERCIAL REAL ESTATE

May 02, 2000|BRAD BERTON

Creative Planet, a fast-growing entertainment-related Web site designer, has settled on the Miracle Mile district for its permanent headquarters.

Two months ago, the company headed by Chairman and Chief Executive Allen DeBevoise agreed to move its cramped operations at least temporarily from North Hollywood to the Wilshire Courtyard complex just east of Beverly Hills. The company leased about 44,000 square feet for a one-year term from the ownership group including New York's Blackstone Group and locally based McCarthy Cook & Co.

But last week Creative Planet and Wilshire Courtyard's owners signed a five-year lease for 87,000 square feet at 5700 Wilshire Blvd. While terms of the transaction weren't disclosed, Westside office brokers estimated that Creative Planet will pay at least $15 million in rent over the years.

Brokers Jeffrey Strnad and Gary Weiss of DLJ Realty Services represented Creative Planet. McCarthy Cook leasing director Toliver Morris and principal Edward Cook were the primary landlord negotiators.

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