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11/21/14
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In a major entertainment lease transaction in Hollywood, Viacom Inc has agreed to a 12-year deal for 180k sf of space at Kilroy Realty Corporation's Columbia Square project, a $420 mil, 685k sf mixed-use complex still under construction on the site of CBS’ historic, early 20th century broadcast facility, at the corner of Sunset Blvd and Gower St. Viacom plans to use the space for its MTV, Comedy Central, BET and Spike TV networks.
Photo: Kilroy Realty Corp. website |
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According to Kilroy, the transaction is the largest lease in Hollywood in at least a decade and will give Viacom most of the space at the six-story, 250k sf Gower building. The creative, live-work campus will include 350k sf of office space in two buildings. Completion of the buildings is planned for 2016, at which time Viacom will begin a phased occupancy of its new space.
Columbia Square will also feature 93k sf of renovated, historical creative office and studio space, 30k sf of retail space, a 20-story res tower with 200 luxury rental units and a five-level subterranean parking structure.
Carl Muhlstein of JLL represented Kilroy Realty. Gerald Porter and Matthew Miller of Cresa repped Viacom. Raymond I. Friedman of Elkins Kalt Weintraub Reuben Gartside LLP acted as legal counsel for Kilroy Realty on the transaction.
Viacom is the second major tenant Kilroy has signed at Columbia Square, with New York City-based NeueHouse having inked a 15-year lease for 93k sf of space at the development in July, as reported on RENTV at the time. NeueHouse plans a first quarter 2015 occupancy of all the office space in the newly renovated, historic Radio and Business buildings that anchor Columbia Square.
This is the second location for NeueHouse, which plans to open 20 collaborative offices around the world by 2020. The first NeueHouse opened its doors in May 2013 in New York City and sold out within three months.
Kilroy acquired the Columbia Square media campus property in the second half of 2012 for around $65 mil. Located at 6121 Sunset Blvd, the property is being redeveloped to preserve its historic character, while creating a state-of-the-art media campus, a new residential community, and an amenity-rich retail environment. Kilroy is working with Los Angeles-based architects and designers Roschen Van Cleve, Rios Clementi Hale and House & Robertson on the multi-phase project.
Built in 1938 at a cost of $2 mil, the distinctive Radio Building was the most expensive broadcasting facility ever built at the time. The former West Coast operations for Columbia Broadcasting Systems, the building included the 25k sf Columbia Playhouse, from which radio comedies featuring Jack Benny, Burns and Allen, Edgar Bergen and Red Skelton were broadcast in front of a live audience. Kilroy Realty has been working closely with the Hollywood Heritage, Historic Resources Group and City of Los Angeles to preserve the building, which was designated an historic-cultural monument in 2009.
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