Google's Takeover of Westside Pavilion
L E A S E D: Wondering what’s happening with the dated Westisde Pavilion mall on Pico Blvd? Well, it was announced today that Google, Inc. has leased the whole 584,000-square-foot building. The former shopping mall will be converted to a massive campus sit, called One Westside. It will be a 14-year lease that will start upon its completion of construction, which is estimated for 2022. Gensler is spearheading the redesign. It’s estimated to cost between $425 million to $475 million for the tenant improvements.
The iconic pedestrian bridge over Westwood Blvd will retain access to the Landmark Theater and retail spaces to the west. Hudson Pacific Properties and Macerich still own the 96,000 square feet of shops and restaurants across from One Westside. HPP and Macerich announced the joint venture to redevelop the Westside Pavilion in March of 2018.
Google’s newest lease at One Westside highlights their expansion in to Southern California, specifically the Westside of Los Angeles. Including their 300,000-square-foot office in Playa Vista, where their subsidiary YouTube has been, Google has 884,000-square-feet leased on the Westside. Facebook recently leased 260,000-square-feet in December of 2018 and other tech titans like Apple and Amazon have leased large footprints in Culver City, demonstrating the ongoing accent of the tech community in the Westside of Los Angeles. According to Built in LA, which tracks entrepreneurial activity, venture capitalists plunked down an estimated $4.2 billion to back 213 LA-area tech companies.
What does this growth in the tech sector of Los Angeles mean for your real estate? Contact me at: (310)-909-2308 |