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Anderson Real Estate’s Reimagined Century City Campus Attracts Ares Management as Anchor Tenant
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Ares Management has signed a 12-year lease for 206,000 square feet at 1800 Avenue of the Stars in Century City, Los Angeles. This agreement positions Ares as an anchor tenant at the Anderson Towers, which is undergoing a $100 million renovation. The new workspace, expected to be completed by June 2024, will feature advanced amenities, including panoramic views and outdoor spaces. The project aims to create a modern, tech-integrated office environment designed to meet evolving tenant needs, enhancing Ares's operational base in a prime location.
Positive
Secures a long-term 12-year lease, enhancing stability.
Moving into a newly renovated space with modern amenities.
Strengthens Ares's presence in a prime location in Los Angeles.
Negative
None.
The global alternative investment manager signs a 12-year lease for 206,000 square feet at 1800 Avenue of the Stars
Anderson Towers, which encompasses 1800 and 1900 Avenue of the Stars, will offer a best-in-class office environment featuring five acres of outdoor space once completed
LOS ANGELES--(BUSINESS WIRE)--
Anderson Real Estate, a private, family-owned real estate development and management company, today announced that Ares Management (“Ares”) will become an anchor tenant at “Anderson Towers,” the reimagined campus currently under construction in Century City which encompasses 1800 and 1900 Avenue of the Stars. The towers are undergoing an extensive $100 million renovation that will transform the properties into a unique, landmark office environment that is unmatched in the city of Los Angeles.
Anderson Towers (Photo: Business Wire)
Ares Management, a leading global alternative investment manager that has been based in Los Angeles since its founding in 1997, will move its Los Angeles-based team into 206,000 rentable square feet at 1800 Avenue of the Stars in June 2024. The lease is for a 12-year term and includes naming rights to the building.
When completed, Anderson Towers will feature panoramic views, access to unparalleled amenities, exceptional service, state-of-the-art technology, and five acres of expansive outdoor spaces at a globally recognized address. Tenants will have access to a lush park landscape of interconnected pathways, a footbridge connection to the Westfield Century City Mall, and the ability to work and take meetings outdoors.
“We are excited to begin the transformation of these two properties into what will become one of the most sought-after workplace destinations in the city, and we could not be more pleased to welcome Ares, one of the most respected investment managers in the world with incredibly deep Los Angeles roots, as our anchor tenant,” said William Anderson, Executive Chairman & CEO of Anderson Holdings. “This is a huge win for our entire real estate group which had both the fortitude and vision to get this project off the ground. This redevelopment is just one of a number of large investments Anderson Real Estate is making across its Southern California portfolio.”
“The office of the future must be a space that attracts tenants by providing them with what they can’t get at home,” said Matt Lavin, President of Anderson Real Estate. “This is precisely what we are building at Anderson Towers: a modern, tech-integrated, environmentally friendly space that will make the workday more fulfilling. As the concept of how we interact with work continues to evolve, we believe what we are creating are the types of spaces and amenities that forward-thinking companies will demand for their employees.”
The redesign of Anderson Towers is being led by David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture. Tony Kantarjian of EEI is leading the Development Management. Peter Gordon and Taylor Callaway of AllianceBernstein provided the project financing.
Anderson Real Estate was represented in the transaction by Peter Best of LA Realty Partners and the CBRE team of Rocky Binswanger, Bryan Dunne, and David Freitag. John Tipton of Allen Matkins acted as Anderson Real Estate’s legal counsel. Ares Management was represented by John Bertram of Savills and Scott Gertz of WESTMAC.
About Anderson Real Estate
Anderson Real Estate is a private, family-owned real estate development and management company with assets in Los Angeles, Ventura County, Hawaii and the U.S. Virgin Islands. The Anderson portfolio today spans over three million square feet and consists of 55 properties across office, retail, mixed-use and industrial assets. For more information, please visit andersonrealestate.com.
Anderson Real Estate is part of Anderson Holdings, a private, family-owned, diversified holding company headquartered in Los Angeles with operations across Southern California, Hawaii and the U.S. Virgin Islands. For more information, please visit andersonholdings.com.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to deliver consistent and attractive investment returns throughout market cycles. As of September 30, 2022, Ares Management Corporation’s global platform had approximately $341 billion of assets under management, with over 2,450 employees operating across North America, Europe, Asia Pacific and the Middle East.
What is the significance of Ares Management signing a lease at 1800 Avenue of the Stars?
The lease positions Ares as an anchor tenant in the newly renovated Anderson Towers, enhancing its operational base in a prime location in Los Angeles.
How large is Ares Management's new office space?
Ares Management's new office space is 206,000 square feet.
When will Ares Management move into its new office at Anderson Towers?
Ares Management is expected to move into the new office by June 2024.
What renovations are being made at Anderson Towers?
Anderson Towers is undergoing a $100 million renovation to create a modern, tech-integrated workspace with extensive outdoor amenities.
What does the lease agreement for Anderson Towers include?
The lease agreement includes a 12-year term and naming rights to the building.
