Despite an overall trend in companies moving away from large office space, JMB Realty is seeing more space pre-leased at its 700,000 square foot Century City office project. According to a report from The Real Deal, Clearlake Capital Group has pre-leased 150,000 square feet of space at 1950 Avenue of the Stars.
The 15-year lease was brokered by CBRE’s Jeff Pion on behalf of Clearlake Capital Group. JMB was represented by Cushman & Wakefield’s Eric Olofson. The equity firm will take up the top eight floors of the office tower, the report indicates.
The full building will include 37 stories and is set to be complete by 2026, according to The Registry’s previous reporting. The project, which has been in the works since 2005, is designed by architecture firm Johnson Fain and will offer corporate office space as well as retail and dining amenities.
At the ground floor level, the building will provide private access screening rooms. Other amenities include a two-story parking structure and two acres of courtyards and onsite gardens. An outdoor transit plaza will also offer access to the metro station currently being built at the corner of Constellation Boulevard and Avenue of the Stars.
In 2022, Creative Artists Agency announced its intent to move its new headquarters into a portion of the building as well. CAA is currently headquartered in a nearby building at 2000 Avenue of the Stars.
Headquartered in Santa Monica, Clearlake Capital Group was founded in 2006 and currently has over $70 billion of assets under management, according to the firm’s website.
