Video Game publisher Riot Games Inc. has signed a 15-year lease for the full Element LA creative campus currently under construction in West Los Angeles. The lease totals 284,000-square-feet, and is said to be the largest office lease in Southern California in the last five years. Although the terms of the lease were undisclosed, industry sources estimate a monthly rent of $3.75 per square foot...
Element LA is a $150 million creative campus office development from Hudson Properties Inc., and is currently under construction with an expected completion in 2015. Set on 12 acres, the property has five buildings, including a 167,000-square-foot building at the campus’ center with industrial windows and skylights. The property has a five-story parking garage, and an Expo Line light rail stop is under construction across the street.
Creative office in West Los Angeles is experiencing lower vacancy rates than traditional spaces. Recent third quarter reports from Industry Partners and Studley both showed Westside creative office having the strongest activity in the office sector, with a 10.6% vacancy rate while the West Los Angeles area for traditional office has a vacancy rate of 14%, according to the reports.Riot Games Leases Element LA Campus
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