Century City Office Building Welcomes New Tenant
- Nov 19, 2015
Interpublic Group of Companies (IPG) has signed an 11-year, 150,000-square-foot office lease at The Plaza, located at 1840 Century Park East in Century City, Calif. Newmark Grubb Knight Frank (NGKF) represented IPG in the deal, which was the largest commercial office relocation to Century City in more than a decade.
“This is the largest office relocation to this market in the last 10 years so it makes a major impact,” Steven D. Kolsky, NGKF’s executive vice president and managing director, told Commercial Property Executive. “Not only is IPG taking up a significant amount of space but they are going to bring a vibrant and energetic workforce to the area.”
Ten of IPG’s agencies, including nearly 700 employees, will relocate from Pacific Design Center in West Hollywood to The Plaza in Century City. The firms include PMK•BNC, Weber Shandwick, Rogers & Cowan, Jack Morton, Octagon, FRUKT, Advantage International, The Axis Agency, Dailey and Campbell Ewald.
“NGKF recognized that we could take advantage of a good window of time in Century City when there were large blocks of available space at below-market rates,” Henry S. Kobrin, NGKF’s executive managing director, told CPE. “Acting at this time, we were able to secure these economics benefits for IPG. Plus they are now moving into a new building that better reflects their global presence.”
IPG will be the largest tenant in The Plaza towers, occupying eight full floors as well as ground floor space. They will also gain the advantage of exclusive signage rights atop the 1840 Tower.
“The building quality and location is more in-line with brand and culture of the agencies than its current location in West Hollywood,” Kolsk said. “The window line and view also offer more opportunity to incorporate natural light into the workplace.”
The Plaza Towers provide the benefits of a LEED Silver certified property. Building amenities include a street-side WiFi plaza, valet service, as well as dozens of restaurants, services and retail options on-site and in the surrounding area. According to Kobrin, IPG will rebuild the space to their specifications that are more in line with today’s modern work environments. Additionally, it plans to take advantage of the walkable amenities that Century City offers.
“In West Hollywood, most people were using their cars, whereas here in Century City, people get out and walk around—which is culturally more suitable for today’s workforce,” Kobrin said. “The building even provides services such as bike rentals and valet service. Plus there is a shuttle service for employees.”
Photo courtesy of theplazacenturyparkeast.com