Penske Media Corporation, a media conglomerate that owns a number of major publications like Variety, Rolling Stone, and The Hollywood Reporter, is making waves in the Los Angeles commercial real estate market. The company, led by CEO Jay Penske, has recently signed a 12-year lease for 125,000 square feet at a newly redeveloped Lumen office where it plans to expand and relocate its headquarters.
Penske Media’s new headquarters at the 550,000-square-foot Class A office property is looking to attract tech and entertainment firms back to the office space, creating a dynamic hub for creative and media professionals, according to a recent report in the Commercial Observer.
The Lumen campus, located at 11355 West Olympic Boulevard in the Sawtelle Japantown neighborhood, offers a host of amenities that include 1.5 acres of private outdoor event space, a state-of-the-art training gym, sports courts, chef gardens, and 15,000 square feet of restaurant space. Penske Media’s commitment to this space also includes equipping a ground-floor screening room and on-site production facilities that will be made available to other tenants, further enhancing the collaborative potential of the location.
The company’s new headquarters at Lumen will soon accommodate about 600 employees in the building, which is owned by McCarthy Cook and Northwood Investors. The two companies embarked on a transformation of the 1980s property previously known as the Trident Center, and spent around $300 million to add roughly 115,000 square feet to the existing 383,000-square-foot building. Gensler led the redesign efforts on the project.
Penske Media’s new location is adjacent to Interstate 405 and provides accessibility and proximity to key partners and stakeholders in the entertainment and media sectors nearby. Another media and entertainment company was added to the building’s tenant roster earlier this year. Production company Fifth Season, formerly Endeavor Content, signed a 12-year lease for 65,000 square feet at Lumen, accommodating its 250 employees.
PMC’s new lease deal at Lumen is not only a significant step for the media conglomerate but also a highlight for the Los Angeles real estate market. In a relatively quiet leasing quarter, this deal ranks among the largest office leases of the year in the city. The deal also demonstrates Penske Media’s confidence in the future of media and entertainment in Los Angeles, which has been its home for decades.
