The E! Entertainment Television subsidiary of Comcast Entertainment Group has renewed its lease for 355,304 square feet of space at the two-building Wilshire Courtyard office complex at 5700 and 5750 Wilshire Blvd., according to Rreef and Madison Partners. Terms of the deal were not disclosed, but the lease would be valued at $115 million or more at current overall asking rates published in some market reports, not counting any increases that the deal might include. A Los Angeles Times report estimated the value at $130 million.
The entertainment TV network, which occupies 70% of the space at the 5750 Wilshire Blvd. building, signed a 10-year deal that starts in 2012. Madison Partners principal Brad Feld, who represented the landlord, Rreef, noted that the space is occupied by "E! and its affiliates, including the Comcast Entertainment Group. E! was represented by Mark Sullivan and David Gordon of Studley.
Studley's latest research report on the L.A. office market lists rents at $32.59 per square foot per year in the Miracle Mile, and other brokerage reports put the rate at a similar range. Studley lists the availability in the Miracle Mile at 21.9%, compared with availabilities that range from 12.2% to more than 34% in other L.A. area office submarkets. ...
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