Savills Studley represented Digital Domain in a long-term lease extension of its corporate headquarters in Playa Vista, California. The entertainment and media company occupies the entire 51,320-square-foot building at 12641 Beatrice Street. Digital Domain, one of the largest and most influential visual effects studios in the world, has been located here since 2007.
Initially constructed as a concrete two-story tilt-up, the property was converted from a warehouse to creative space and includes a state-of-the-art performance capture studio.
Josh Gorin, senior vice president and branch manager, and Marcus Arredondo, associate director, with global tenant advisory firm Savills Studley represented Digital Domain in the transaction.
“Our client explored a variety of occupancy alternatives, but ultimately chose to remain in its current location,” said Gorin. “The building continues to support the company’s innovative visual work as well as facilitate its expansion into new realms of media.”
Playa Vista has become one of the most desirable submarkets in West Los Angeles and has seen a significant influx of tech and media companies in the last three years, including Yahoo, Omnicom, Google, Verizon, IMAX, WPP and Fullscreen. While rents in Playa Vista average between $3.50 and $4.50 per square foot per month, the costs are still 20% to 25% less than in Santa Monica and some other neighboring submarkets.
Digital Domain also operates a facility in Vancouver.