Major tenants include O'Melveny & Myers, SunAmerica Life Insurance Company and Bear Stearns Securities Corporation which, collectively lease approximately 32.1% of the building. Some occupants of the highest-priced towers Fox Plaza and SunAmerica Center are looking for less expensive space nearby. In-place rent remains above current market rental levels and some additional rent reduction is anticipated over the next two years. 1999 Avenue of the Stars is located in Los Angeles, CA. Excellent service, I highly recommend. By clicking Submit, you agree to our terms of user and privacy policy. Designed by Johnson Fain, It is the twentieth-tallest building in Los Angeles and the third-tallest building in Century City. "That's the development risk," said Nathan. "When you look at the inventory in Century City, there's a fair amount of functional obsolescence in older buildings. Helped us find a very nice space. He's repped nearly all of them, including Century Plaza Towers, Sunamerica Center, 2000 Avenue of the Stars, and Constellation Place. Bear Stearns & Co. Inc. is looking to exit its high-priced offices at SunAmerica Center. "We're hopeful we can work it out.". Wanting to cut costs in the decelerating economy, several major Century City tenants are scrambling to relocate to more-affordable offices. "It's going to be an expensive building.". Our detailed report provides floor plans, potential incentives and details about the space and we can incorporate other listings that fit your business needs . Three tenants-- SunAmerica Life Insurance Company (Moody's insurance financial strength rating Aaa; negative outlook), Bear Stearns Securities Corporation (Moody's long-term issuer rating Aa3; stable outlook), and O'Melveny & Myers-- lease in the aggregate 222,800 square feet of space or approximately 28.2% of the building. In addition to those commercial services our Los Angeles office specialists provides complimentary space planning and lease review to ensure you utilize space effectively and arent losing money with unfavorable lease provisions. Korn/Ferry International, for example, is evaluating downtown L.A. locations for a possible relocation of its Century City headquarters, informed sources said. Plus, Constellation Place is being designed by Johnson Fain Partners, the same architects who conceived Fox Plaza and SunAmerica Center arguably the two most prestigious buildings in town. | USA. One such cost is parking a major operating expense for tenants with lots of employees and visitors. What is the finished product going to look like? "We're in settlement discussions with the developer," said Sean Hecht, a lawyer for the homeowners. Worked with their team and they connected me with a expert that assisted us find a great space. On-site parking is available in an eight-level attached garage. Designed by Johnson Fain, It is the twentieth-tallest building in Los Angeles and the third-tallest building in Century City.On-site parking is available in an eight-level attached garage. Is the financing going to be put in place? The tower was completed in 1990. Winner of the BOMA International 2001/2002 Office Building of the Year Award. On-site parking is available in an eight-level attached garage. Your message will be sent to local broker and not made public. Our tenant reps work with businesses ranging from small businesses to Fortune 500 companies and our comprehensive commercial real estate services are given at no cost to clients. Century City, named after Fox's 20th Century Property, is known for its beautifully architectural skyscrapers and the unforgettable back lots of 20th Century Fox. Built in 1990, this 39 story office property spans 824,106 SQFT.CompStak has 63 lease comps for this property, dating from 2010 to 2020.CompStak has one recorded sales transaction for this property. For example, some older buildings in Century City suffer from poor elevator service, inadequate and inefficient heating/ventilation/air-conditioning systems, and don't possess sufficient electrical capacity for modern offices equipped with personal computers and laser printers, Porter said. We specialize in Century City office space. They were determined to finding me a space that met my needs and budget. Getting those tenants, however, may take time, according to Brad Cox, senior managing director for the Pacific Southwest with Cushman & Wakefield Inc. "And there's tight vacancy now, so there's every indication there would be great demand.". Expert assistance finding us a great location. In addition to SunAmerica Inc., tenants include Bear Stearns & Co. and O'Melveny & Myers. Very few people want to go downtown unless they absolutely have to. SunAmerica Center received the BOMA International 2001/2002 Office Building of the Year Award. "There's very little new construction, and virtually none is in the core areas of the Westside," Gerlach said. SunAmerica Center, located just down the street on Avenue of the Stars, comes in just below that, with asking lease rates of $45 to $47 a square foot annually. On-site parking available in the eight-level attached garage. No shipping costs apply to the download. Too many factors, he said, could arise to derail construction. When downloading images you may be subject to other costs from your internet service provider. The vacancy rate for class-A space in Century City was only 7 percent at the end of the second quarter, the lowest of any major submarket, according to the Studley Report & Spacedata. While tenants may be inquiring now, they typically won't sign on the dotted line until the building is actually under construction, Cox noted. SunAmerica Center received the BOMA International 2001/2002 Office Building of the Year Award. We exculsively assist tenants find space. You are viewing your complimentary article.Subscribe to get unlimited access. Thank you. Such cost-cutting moves are being discussed by an increasing number of law firms. The jockeying for space in the new Constellation Place building (which will be the name of the tower until someone shells out big bucks for signage rights) has been heightened by the fact that there have not been any new high-rises built since SunAmerica Center opened about eight years ago. In addition, a number of leases in other buildings will be rolling over in 2000 and 2001, Weiss noted. The market trend has been touch and feel make sure it's going to happen.". Still others are looking to bail out altogether. Skyscraper office buildings in Los Angeles, Buildings and structures completed in 1990. 1999 Avenue of the Stars – SunAmerica Center provides companies 152,834 square feet for lease in Los Angeles, This property is ideal for small businesses searching for high-end space.For additional details regarding about 1999 Avenue of the Stars – SunAmerica Center or any other listings in Los Angeles, contact us for your free property report … Centurycityofficespace.com has assisted numerous companies locate office space for rent throughout the Los Angeles Area. There's always a market for the newest and shiniest building on the block," said Gerald Porter, president of Metrospace Corp. "There's just some benefits to being in a state-of-the-art building, operationally and aesthetically.". Escalating costs of Century City were the primary reason Metro-Goldwyn-Mayer opted not to exercise its option to lease the 19th floor of the new MGM Tower, currently under construction on Constellation Boulevard. The prime office space will be in "dramatic, blade-like edges oriented to the west and east, which is a metaphor for the cutting-edge character of the corporate and professional firms expected to occupy the project," said Albert Sawano, associate at Johnson-Fain. Really recommend them! We listen closely to your needs and search the entire market to find the perfect space. "It's a great game of cat and mouse. Earlier this year, Ernst & Young relocated most of its Century City operations to downtown, vacating two of its three floors at 2049 Century Park East. The SunAmerica Center before the AIG logo was removed. Although construction could begin before all the space is spoken for, Nathan said he is "not going to build with no tenants committed.". No matter that the building won't be ready for occupancy until at least 2001, prospective tenants and brokers are calling daily about leasing space, said Stuart Nathan, executive vice president of JMB Realty Corp. of Chicago, which is developing the $250 million high-rise. Tenants are not just responding to high rents but operating costs. Some brokers likened interest in the building to what happens when a new car model comes out. SunAmerica Center (formerly called the AIG–SunAmerica Center) is a 39-story, 534-foot (163 m) skyscraper in Century City, Los Angeles, California. SunAmerica Center (formerly called the AIG–SunAmerica Center) is a 39-story, 534-foot (163 m) skyscraper in Century City, Los Angeles, California.The tower was completed in 1990. Will use your service in the again. "A lot of my clients are asking questions about it," said Gary Weiss, senior managing director at Julien J. Studley Inc., who specializes in Century City. Worked with them and they helped us find a local expert that not only saved us valuable time and money. Fill out our quick contact form and get your free office report today. You find information about construction projects, architecture, the building industry and city planning. For example, Kattin Muchin & Zavis is relocating from Fox Plaza into 60,000 square feet of lower-priced sublease space at the Delta Towers. They were extremely helpful throughout our search. Several Westside real estate sources predict it will be quickly absorbed. * The price includes VAT and shipping costs. I can't imagine finding space without your assistance. "That is the core business center of the Westside," said Stan Gerlach, a senior vice president at CB Richard Ellis. Even so, rents are likely to remain among the most expensive in Southern California and the vacancy rate will probably stay in the low single-digit range primarily because the Westside hub is still such a prestigious address. This property last sold in 2017. 1999 Avenue of the Stars – SunAmerica Center provides companies 152,834 square feet for lease in Los Angeles, This property is ideal for small businesses searching for high-end space.For additional details regarding about 1999 Avenue of the Stars – SunAmerica Center or any other listings in Los Angeles, contact us for your free property report today by filling out our quick inquiry form. https://www.emporis.com/images/show/156998-Medium-top-upper-floors.jpg, https://www.emporis.com/images/show/156998-Large-top-upper-floors.jpg, sunamerica-center-los-angeles-ca-usa-usa-exterior-lookingup-sunlit-curved-facade, https://www.emporis.com/images/show/966191-Medium-sunamerica-center-los-angeles-ca-usa-usa-exterior-lookingup-sunlit-curved-facade.jpg, https://www.emporis.com/images/show/966191-Large-sunamerica-center-los-angeles-ca-usa-usa-exterior-lookingup-sunlit-curved-facade.jpg, fullheightview-from-the-west-on-the-avenue-of-the-stars, https://www.emporis.com/images/show/276417-Medium-fullheightview-from-the-west-on-the-avenue-of-the-stars.jpg, https://www.emporis.com/images/show/276417-Large-fullheightview-from-the-west-on-the-avenue-of-the-stars.jpg. ok We use cookies on our website to allow you the best possible service. If you would like to view additional offices visit our Los Angeles office space to see the full market inventory. With our extensive experience and industry knowledge we can negotiate the best deal on your behalf. And they might end up not moving a 30,000-square-foot computer room at MGM Plaza (in Santa Monica)," said one source close to the deliberations. Jim Travers, president of the tenant-rep brokerage firm Travers Realty Corp., has also seen Century City rents softening. The information provided on this website does not constitute an offer or solicitation to subscribe or purchase securities in any jurisdiction. READER POLL: How has your exercise routine changed since the Covid-19 pandemic began. "Landlords are talking to each other right now, telling themselves not to panic 'Don't fold the cards,'" he said.