IMAX Inks $30 Million Lease Renewal for Santa Monica Offices (Exclusive)
IMAX Corp. has inked a 10-year lease renewal for its West Coast headquarters at Santa Monica's Lantana Entertainment and Media Campus, a popular office property for Hollywood companies.
The deal for 65,000 square feet at the 3003 Exposition Blvd. building is valued at about $30 million, according to sources with knowledge of the Santa Monica office market. The transaction with landlord Lionstone Group, a Houston-based real estate investor, closed in early July.
The lease commences March 1. Toronto-based IMAX, the theater company that designs and makes specialty cameras and projection systems, has maintained offices at Lantana since 2000. The company occupies the entirety of the three-story building at the Lantana property.
"They fit the building really well -- it was built to suit for them in the first place," said Jim Jacobsen of commercial real estate brokerage Industry Partners, who represented Lionstone in the deal. "It's nice to keep them because they fit the campus well."
Other tenants at the 12-acre, 460,000 square-foot Lantana creative office development include Dick Clark Productions, Revolution Studios and BermanBraun. The property is about 97 percent occupied, Jacobsen said.
IMAX's Santa Monica offices house about 200 employees who work on distribution and postproduction jobs there. The facility includes a 25-seat screening room that IMAX uses to show movie footage to filmmakers and production companies with whom the firm works.
Scott Rigsby of Industry also represented the landlord.
IMAX could not immediately be reached for comment.