Watt Plaza Signs $33 Million in Office Lease Deals
Published May 5, 2016 by Watt Capital Partners
Watt leases 75,000 square feet, expands thriving spec suite program
CENTURY CITY, Calif.–(BUSINESS WIRE)–Following the relocation of two longtime tenants, Watt Plaza has closed $33 million worth of lease deals totaling 75,000 square feet in the twin 23-story office complex in the heart of Century City.
“Many LA-based companies have gravitated toward creative office space in recent years, and we look forward to welcoming more new tenants into the move-in ready space.”
Major firms signing leases include:
- National accounting firm NSBN LLP moved to the 16th floor; Resolution Economics signed a lease deal for the entire 15th floor. Both tenants come to Watt Plaza from Beverly Hills.
- JAMS, which provides arbitration, mediation and dispute resolution services, will open its new location on the 14th floor, occupying 12,000 square feet of space.
- Two companies are relocating to Watt Plaza from within Century City. Knobbe, Martens, Olson & Bear, LLP signed a lease for 10,700 square feet on the 6th floor. Lieberman Software Corporation signed a lease for 13,000 square feet of space on the 12th floor.
“Our amenities, service, and favorable lease terms continue to set Watt Plaza apart from other commercial office buildings, and we’re thrilled to have so much interest,” said Kathy McKay, Vice President of Leasing at Watt Plaza. “We welcome our new tenants to Watt and look forward to providing them with a first -class experience.”
The success of Watt Plaza’s spec suite program, first launched in 2012, continues with five brand new spec suites ranging from 2,800 to 4,100 square feet. Three of these suites were developed to meet the demand for a more creative, open concept plan, featuring designs with exposed ceilings, concrete flooring and open kitchens.
“We are seeing many tenants who prefer the turn-key experience, which explains the success of our growing spec suite program,” said Jamie Bergantz, Director of Leasing at Watt Plaza. “Many LA-based companies have gravitated toward creative office space in recent years, and we look forward to welcoming more new tenants into the move-in ready space.”
With the recent transactions, Watt Plaza is currently 90 percent leased.
Watt Plaza has set itself apart as a leader in environmental sustainability, technology and customer service. This month, Watt Plaza was recognized by LADWP’s new Sustainability Awards Program (SAP) as a leader in the Energy Management category, the only office building to receive this prestigious new award. Other recipients honored at SAP for their commitment to environmental sustainability include UCLA, Praxair, LAX Airport, and USC.
Watt Plaza earned LEED Platinum certification for Existing Buildings Operating and Maintenance from the U.S. Green Building Council in 2013, becoming the first building in Century City to receive the prestigious certification. Watt Plaza is notably the first commercial office building in Century City to install electric vehicle charging stations in the parking facility to encourage the use of alternative fuels, and the first Class A Office Building in Los Angeles to replace all traditional urinals with water-free fixtures.
Watt Plaza was represented by Kathy McKay and Jamie Bergantz of Watt Companies. Tenant brokers were as follows:
-NSBN LLP was represented by Mark Robinson and Arlene Sommer of Cushman & Wakefield
-Resolution Economics was represented by Steve Kolsky and Mike Arnold of Newmark Grubb Knight Frank
-JAMS was represented by Tom Todd of Newmark Cornish & Carey, and Dennis Smith and Cory Campbell of Travers Cresa
-Knobbe, Martens, Olson & Bear, LLP was represented by Kevin Bender and Danny Rees of CBRE
-Lieberman Software Corporation was represented by Chris Keller of Madison Partners.