Big Changes Coming to Century City, And It’s Not The New And Improved Mall
It’s not just Westfield that is making large investments in Century City. Large marketing firms are vacating space in West Hollywood to set up shop in what was once the 20th Century Fox backlot.
Marketing giant Interpublic Group is moving to Century City and leasing a huge chunk of space that has been vacant since Northrup Grumman moved its corporate headquarters from Los Angeles to Virginia two years ago.
IPG, a New York holding company, signed an 11-year deal for 150,000 square feet at 1840 Century Park East and an adjacent tower, according to brokerage Newmark Grubb Knight Frank, which represented IPG. About 700 employees are relocating to the new space, which real estate experts say the deal is valued at more than $70 million and considered the biggest relocation to Century City since 2004, when CAA mored to 2000 Avenue of the Stars.
Century City is more centrally located for Interpublic’s employees and major clients than its current location at West Hollywood’s Pacific Design Center. It has been said that the new offices also are being redeveloped into “creative” offices with more shared work spaces.
The office space has been vacant since Northrop completed its move two years ago. The deal further proves that Century City, long known as a legal and financial center, is becoming more tied with entertainment as it was so many years ago.