One of nation’s fastest-growing real estate investment firms commits to nearly 12,000-square-foot lease in Century City
LOS ANGELES, CA – Mar. 1, 2018 –
Colliers International has moved Urban Commons, best-known locally for its high-profile plans to upgrade and expand its recently acquired Queen Mary tourist attraction in Long Beach, from downtown Los Angeles to larger offices in Century City. Term of the lease was 63 months.
Considered one of the fastest-growing real estate development and investment firms in the U.S., privately held and Los Angeles-based Urban Commons will occupy its new and larger space at 10250 Constellation Blvd., one of the premier office submarkets on the Westside.
Active across a wide range of property types, Urban Commons works closely with municipalities, communities and neighborhoods to create development plans that optimize each property while delivering unmatched public value, according to Colliers Senior Vice President Nathan Pellow who, along with Senior Associate James Robbins and Associate Nick Nybakken, represented the firm in its move.
“Urban Commons entered a rapid growth phase after acquiring the Queen Mary in Long Beach, along with several more hotel investments,” said Pellow. “It needed a long-term expansion space that would sustain the organization for at least five years and that’s what this space does.”
The firm previously occupied 7,700 square feet at one of Brookfield’s premier properties, 777 South Figueroa in downtown Los Angeles.
Pellow also noted that Urban Commons was seeking a space that would improve upon the company’s brand and culture, while also bringing them closer to prospective clients and minimize commute times for its management staff.
“Our team negotiated a base-year starting rent at 58% below market rates to offset Urban Common’s initial cost of relocating to a more expensive submarket,” added Robbins. “We relocated our client into a fully furnished sublease with a pre-negotiated, back-end direct deal with the landlord, JMB Financial Advisors.”
About Colliers International Group
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
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