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CBS Television Distribution has signed a five-year lease for 53,000 square feet at the Water Garden office complex in Santa Monica.
Sources with knowledge of the Santa Monica entertainment office market pegged the value of the lease for space at the 2450 Colorado Ave. property in the $15 million range. The brokers involved in the transaction declined to discuss the financials.
The deal with landlord Water Garden Realty Holding LLC, an entity of unknown investors that is managed by J.P. Morgan Investment Management, closed in mid-May.
CBS Television Distribution, the syndication arm of CBS Corp., currently has offices directly across the street from the Water Garden at the Colorado Center (until recently that property was known as the Yahoo! Center). The group will move into its new offices in the second quarter of 2013. Its new space was previously occupied by law firm Greenberg Traurig.
“They were looking in Westwood and other areas so it reaffirms the desirability of [the Santa Monica] market for these kinds of users,” said Jeff Lasky of commercial real estate brokerage CBRE Group, who represented the landlord. He declined further comment.
CBS Television Distribution currently occupies about 70,000 square feet of space at the Colorado Center, but the move to smaller offices does not portend a downsizing. Sources said that the new offices provide a more efficient use of space.
CBS Television Distribution was represented by Mike DeSantis, Eric Olofson and Scott Menkus of Cushman & Wakefield. DeSantis declined to comment.
CBS Television Distribution declined to comment.
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