Why This Single Creative Tenant Could Change Everything for Century City
Century City, once a very sexy area, has aged. But things are changing very rapidly in the market, and one panelist at Bisnow's Future of Century City event yesterday told the crowd about a 140k SF tenant that could speed up the market's evolution.
CBRE SVP Stan Gerlach (snapped here with Watt Cos president Nadine Watt and CB's Kevin O'Connor) told the more than 250 attendees at the Century Plaza Towers there is a huge lease on the way to Century City. Stan said it's too early to give out details, but the "high credit creative tenant" will do a lot for market perception. However, Bisnow market sources say the tenant is global marketing firm Interpublic, which will leave its spot at the Pacific Design Center for 1840 Century Park East.
As for Nadine (snapped here with JP Morgan executive director Brian Okrent), she says it's been tough to attract creative firms and Millennials to Century City offices, which are mostly classic high-rise. Her advice: The area needs the nightlife Millennials craves—something that's been lacking over the years. Brian says law firms are still the market's bread and butter, as they represent the second largest user in LA and top dog in Century City.
Century City Chamber of Commerce CEO Susan Bursk (snapped here with Jay Gibson and Vince Spataro from Shawmut Design & Construction) says the market's amenity offerings will take a quantum leap with Westfield Group's $800M reno of the Century City mall.
Susan says more than 70 new restaurants and shops will be added to the mall as part of the reno. But perhaps the biggest move? She says Nordstrom will be leaving the Westside Pavilion after 30 years to head to the mall, adding to department store anchors Macy's and Bloomingdale's.
Allen Matkins partner Tony Natsis moderated the panel, and reminisced about the early '80s in Century City, when Clifton's Cafeteria was a fun place to eat. He says the new amenities are crucial for the area, which has an average age north of 60.
The next piece of the puzzle, however, could be housing. For the executive, California Landmark CEO Ken Kahan says his firm is under construction on 10 estate homes in Century Woods, a residential enclave in Century City. For the Millennial, Ken is planning his Dunn Apartments, an 86-unit project on half an acre. It's certainly got the Millennial amenities, such as a nice gym, community room, and perhaps most importantly, a 2k SF deck on the roof.
