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Commercial Real Estate | IN BRIEF

MTV Networks to Expand Headquarters

August 27, 2002|A Times Staff Writer

MTV Networks has leased an additional 45,000 square feet to expand its headquarters in Santa Monica.

The broadcaster will take over the three-story building at 1633 26th St. in a four-year deal. Landlord Kilroy Realty Corp. will add a connecting walkway to the 106,000 square feet of offices MTV has at 2600 Colorado Ave.

MTV will consolidate offices in other locations into the building on 26th Street by the end of the year, said Brad Feld of Cushman & Wakefield Inc., who represented the tenant. He declined to specify the value of the lease but said, "It was a win-win for both parties in a slow market with very little leasing velocity."

Real estate data provider CoStar Group Inc. said the asking rent at 1633 26th St. was $2 per square foot per month. At that rate, the lease would be valued at more than $4.3 million.

Kilroy's broker, Kathy Delgado, was unavailable for comment.

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