Watt Plaza Signs More Than $7.5 Million in Office Lease Deals

Watt leases 22,600 square feet; Spec suite program to boost new contracts in 2013

CENTURY CITY, Calif.--()--The leasing team at Watt Plaza has closed two lease deals for a total of 22,600 square feet of space within the twin 23-story office tower complex encompassing 900,000 square feet in the heart of Century City.

“We are thrilled to continue our relationship with 1st Century Bank and are pleased to welcome Ford Global Brand Entertainment division to Watt Plaza”

Lease highlights include the following:

  • The leasing team renewed a contract with 1st Century Bank for approximately 19,500 total square feet in Watt Plaza’s North tower. The lease terms were extended for three different spaces: the bank branch and private banking center on the first floor, along with office space for the bank’s corporate headquarters on the 14th floor. The leases represent a total consideration of almost $7 million and will expire concurrently in 2024. The tenant, who has been located at Watt Plaza since opening in 2004, was not represented by a real estate broker in the transaction.

    “We’re excited to announce the extension of our lease through 2024. Watt Plaza has been our home since we opened our doors in 2004 and we’re pleased to continue this relationship,” said Alan Rothenberg, Chairman of the Board and Chief Executive Officer of 1st Century Bancshares, Inc. “This lease extension further establishes our presence in Century City, along with our commitment to be the premier community business bank serving the Westside of Los Angeles.”
  • Watt Plaza recently welcomed Ford Motor Company’s Ford Global Brand Entertainment division on the second floor of the South tower. The office, previously located in Beverly Hills, is tasked with creating closer ties with the entertainment industry, which includes placing Ford vehicles in high-profile television and movie projects. The team’s fleet of electric vehicles takes advantage of the new vehicle charging stations in Watt Plaza’s garage. The new five-year lease deal was negotiated by brokers Marty Barkan and Matthew Perlmutter of CBRE.

The lease with Ford was the result of a recently launched speculative suite program at Watt Plaza that enabled the company to move into the space immediately. Last year, the Watt Plaza leasing team demolished the entire vacant 2nd floor and built out two 3,000 square-foot spec suites that feature stone flooring in the reception areas, built-in reception desks and glass conference rooms.

“We are thrilled to continue our relationship with 1st Century Bank and are pleased to welcome Ford Global Brand Entertainment division to Watt Plaza,” said Kathy McKay, Vice President of Leasing at Watt Plaza. “We are seeing many tenants who prefer the turn-key experience and appreciate the ability to move into new space immediately, which explains the success of the spec suite program we launched in 2012. As a result, we look forward to designing and delivering two additional spec suites by spring of this year.”

Watt Plaza has set itself apart throughout the years as a leader in environmental sustainability, technology and customer service. The recipient of the 2011 Outstanding Building of the Year Award, Watt Plaza was the first office building in Los Angeles to receive the prestigious Gold LEED certification in the “Existing Buildings Operations and Maintenance” category, and the first Class-A office space in Los Angeles to replace all urinals with water free technology.

Watt Plaza was represented by Kathy McKay and Jamie Bergantz, Director of Leasing, in all transactions.

About Watt Companies

The Watt Companies is a private, fully-integrated real estate operating and investment company involved in commercial development, homebuilding, asset management and the realization of capital investments for its shareholders, investors, partners and customers across the United States. The company is comprised of four divisions: Watt Investment Partners, the primary new investment and acquisitions arm; Watt Commercial Properties, the management and development services group; Watt Communities, the urban infill residential development group; and Watt Services, which houses the accounting, legal, reporting and financial management activities. In its 60-year history, Watt Companies has developed over eight million square feet of industrial and office space, built more than 50 shopping centers, three first class hotels, homes for over 100,000 families and six major master-planned communities.

Contacts

Watt Companies
Emily Heidt
310-974-6682

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