E-commerce company Nasty Gal will quintuple the size of its headquarters… (Gary Friedman, Los Angeles…)
Britain's largest independent television production company, All3Media, will consolidate its Southern California studios in Westchester.
The company behind such shows as "Undercover Boss" and "Ramsay's Kitchen Nightmares" has agreed to rent two floors in a Howard Hughes Center office building near the 405 Freeway and Sepulveda Boulevard, real estate broker Jacob Bobek of Cushman & Wakefield said.
The lease for 51,000 square feet of space is valued at $16 million, Bobek said. All3Media's five Los Angeles-area studios are now in separate locations in Culver City and on the Westside, and the consolidation will reduce their total rented space about 20%.
More than half of All3Media's revenue comes from international operations, and the U.S. is its fastest-growing market, according to British industry website Broadcast. This month All3Media announced plans to pool its U.S. resources in a production hub headed by Eli Holzman.
The company will move about 220 workers to its new space at 6060 Center Drive in July, said broker Greg Lovett of Cushman & Wakefield, who also worked on the All3Media lease with landlord Equity Office Properties.
The floors All3Media will rent were previously occupied by video game maker Vivendi, Lovett said, which left behind about $750,000 worth of improvements turning the offices into creative-style space with exposed heating ducts and enhanced electric power supplies.
Nasty Gal adding L.A. office space
Fast-growing e-commerce company Nasty Gal will quintuple the size of its headquarters in a historic downtown Los Angeles office complex.
Nasty Gal, which sells women's clothes and accessories online, has agreed to expand its offices to 50,300 square feet in the PacMutual Building complex near Pershing Square. It will occupy the third and fourth floors of the "Carriage House," a Beaux Arts-style building that housed a garage, ballroom and dining facility when it was finished in 1926.
The landlord, Rising Realty Partners, bought the PacMutual complex in April. The three connected buildings were built for Pacific Mutual Life Insurance Co. as its headquarters starting at the turn of the 20th century. Previous owners endeavored to rent offices there to traditional white-collar companies, but Rising Realty has set out to also attract creative firms by emphasizing the historic nature of the property.
Nasty Gal's space will have 18-foot ceilings, exposed brick walls, marble floors and a vintage private elevator that was closed off by previous owners. Nasty Gal, which was founded six years ago, will also occupy part of the "Clock Building." That building is where Pacific Mutual once kept a large clock and a sign reading "Time to insure."
Rising Realty is refurbishing PacMutual and will add a "green wall" vertical landscape feature that will scale the Olive Street side of the six-floor Clock Building, said Christopher Rising, president of Rising Realty.
Terms of the seven-year agreement were not disclosed, but real estate data provider CoStar Group said the landlord is asking for about $2.73 a square foot per month.
"This new space will be a prolific extension of the Nasty Gal brand," said Carle Pierose of Industry Partners, the building's leasing agent.
Health plan to move headquarters to Rancho Cucamonga
Inland Empire Health Plan, a not-for-profit public health plan serving residents of Riverside and San Bernardino counties, will move its headquarters from San Bernardino to Rancho Cucamonga.
The company has agreed to rent 207,000 square feet in the Atrium at Empire Lakes, where it will consolidate its operations from five buildings into one, real estate broker Josh Gorin of Studley Inc. said. The 15-year lease with landlord Torchlight Investors is valued at about $84 million.
The health plan is a joint powers entity serving 565,000 residents through government-sponsored programs including Medi-Cal. It is expected to serve 900,000 members by 2014 as federal healthcare reforms take effect and the company enters the newly established California Health Exchange.
IEHP will begin moving most of its 1,000 employees to the Atrium at 10801 6th St. in the second quarter of next year.
The health plan lease is a large one for the Inland Empire, which has been plagued with empty office space since the economic downturn. Vacancy in the area near L.A./Ontario International Airport is about 30%, Gorin said.
"They are leasing a tremendous amount of space in a highly depressed market," he said.