Creative Artists Agency signs lease for new Century City headquarters
Creative Artists Agency is getting new digs — but it isn’t going far.
One of Hollywood’s biggest talent agencies signed a lease to become the anchor tenant in Century City Center, a planned 37-story tower on the Avenue of the Stars. CAA will move into its new headquarters in 2026, across the street from its current office.
“Today’s news underscores the energy and momentum of CAA and the tremendous growth we’re experiencing across our businesses,†CAA co-Chairman Richard Lovett said in a statement. “We’re designing a home for the future here in Los Angeles that captures the imagination, inspiration and creativity that’s fundamental to the work we do, and that continues to drive our success for clients.â€
Century City-based Creative Artist Agency buys ICM Partners for an undisclosed price.
CAA, which employs nearly 2,000 people globally and about 850 locally, has added to its entertainment business in recent years. In 2019, it acquired London-based Base Soccer Agency, which represents soccer players, coaches and managers. Last year, CAA announced plans to acquire rival agency ICM Partners. The deal is undergoing regulatory review and is expected to close later this year.
In L.A., CAA currently occupies about 300,000 square feet at 2000 Avenue of the Stars.
CAA did not reveal how many square feet it will occupy at Century City Center. ICM occupies about 115,000 square feet nearby at 10250 Constellation Blvd. Both talent agencies have private entrances to their offices and other privacy features for the comfort of their celebrity clients.
At Century City Center, CAA’s new headquarters will be inside a “building within a building†that will have event spaces as well as dining and gathering areas. Century City Center will also have 2 acres of gardens and courtyards.
Century City is one of the hottest office-leasing markets in Los Angeles County and has some of the region’s highest rents. Landlords have recently leased some space at more than $7 per square foot per month, well over the county average, according to real estate brokerage Savills.
The Westfield Century City mall received a $1-billion upgrade in 2017. The Fairmont Century Plaza hotel recently reopened after large-scale renovations that were part of a $2.5-billion project that includes the addition of two high-rise condominium towers. Work is underway on an L.A. Metro subway station that will connect Century City with downtown.
“Century City has evolved from a sterile submarket into a live, work, play neighborhood,†said Petra Durnin, head of market analytics at Raise Commercial Real Estate. “The redesign of the mall and the anticipated Metro stop will further define it as a destination and draw more development and world-class companies.â€
Though Delta variant thwarted expectations of workers flocking back to offices this fall, office leasing in L.A. County rises as businesses look ahead.
Century City’s newest office tower will be built by Chicago landlord JMB Realty, one of Century City’s largest property owners.
“We are delighted that CAA will be opening its beautiful new headquarters in Century City Center, a landmark commercial destination that will deliver a next-generation work environment to meet the evolving needs of office users,†said Patrick Meara, chief operating officer of JMB.
Real estate broker Eric Olofson of Cushman & Wakefield, who represents JMB, said that “Century City has held up very well during the pandemic, with the lowest vacancy rates of any submarket on the Westside.†He added, “It reflects the fact that many companies in Century City plan to have their employees return to the office, whereas in some other markets that is still questionable.â€
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