Clearlake Capital Group Pre-Leases 150,000 Square Feet at 1950 Avenue of the Stars
By Dolores Quintana
In a surprising turn of events amidst the ongoing trend of companies downsizing their office space, JMB Realty is experiencing an increase in pre-leased space at its ambitious 700,000-square-foot Century City office project. According to a report by The Real Deal, Clearlake Capital Group has pre-leased an impressive 150,000 square feet of space at the prominent 1950 Avenue of the Stars.
The lease, spanning 15 years, was successfully brokered by CBRE’s Jeff Pion, representing Clearlake Capital Group, while Eric Olofson represented JMB from Cushman & Wakefield. The equity firm plans to occupy the top eight floors of the office tower, as detailed in the report.
The extensive 37-story building is scheduled for completion by 2026, as previously reported by The Registry. Designed by renowned architecture firm Johnson Fain, the project is set to offer corporate office space and various retail and dining amenities.
Among the building’s highlights, the ground floor will house private access screening rooms, providing added convenience for its occupants. Additional amenities include a two-story parking structure, two acres of courtyards, and onsite gardens. Furthermore, an outdoor transit plaza will facilitate access to the forthcoming metro station at the corner of Constellation Boulevard and Avenue of the Stars.
In a notable move, Creative Artists Agency (CAA) announced its plan to relocate its new headquarters to a section of the building in 2022. Currently headquartered in a nearby building at 2000 Avenue of the Stars, CAA’s move marks another significant development within the project.
Clearlake Capital Group, based in Santa Monica, was established in 2006 and presently manages assets worth over $70 billion, according to the firm’s website.
