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7/13/12
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Demand Media agreed to a relocation lease for a new 52k sf HQ space in Santa Monica. The firm, a leading content and social media company, signed a long-term deal worth $23 mil for the entire building, located at 1655 26th St, west of Bundy Dr and north of Olympic Blvd. The move to this building allows Demand to consolidate its operations and its 300 plus employees, which were had been dispersed throughout several buildings in downtown Santa Monica.
The building was previously occupied by MTV, which vacated the property at the end of the year as a result of the recent downsizing by parent company Viacom. Viacom had converted the 1970s vintage light manufacturing building to creative office space when they took occupancy in 2004.
Industry Partners’ Travis Landrum noted that due to the strong current demand for this type of space by advertising agencies, entertainment, new media and technology companies, contiguous blocks of true creative office space over 20k sf in Santa Monica are extremely limited. Landrum, along with colleagues Jim Jacobsen and Scott Rigsby, represented the landlord, 1655 Property LLC. Jeff Pion of CBRE represented the tenant in the transaction.
According to Industry Partners’ definition of creative space, there is currently 17.6 msf of such space currently available on LA’s Westside, which represents a 12.0 percent vacancy rate. In Santa Monica, which contains half the total inventory of creative office space, the vacancy rate is 6.5 percent. This compares favorably to the vacancy rate of traditional office space on the Westside, which is between 14 and 15 percent, according to various outside reports.
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