West Los Angeles Office Market Report

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1 FIRST QUARTER 2015 West Los Angeles Office Market Report Partnership. Performance.

2 FIRST QUARTER 2015 New Jersey West Los Angeles Office Market Report Partnership. Performance. Market Snapshot Asking Rent Market Overview Total Vacancy At 12.7% And Leasing Activity Remains Strong In Q1 The West Los Angeles office market began 2015 with positive absorption of 48,500 square feet (sf). The submarket that performed the best in Q1 was Brentwood with 62,900 sf of positive net absorption. The submarket that experienced the most amount of space givebacks was Century City (-103,700 sf). The largest block of space in the West LA market that is available is in the Miracle Mile submarket. There is over 400,000 sf available for lease at Wilshire Courtyard West. Vacancy Rates I Pre-recession asking rents in the entire West LA market were $4.06 per square foot (psf) on a full service gross (FSG) basis and coincided with a vacancy rate of 8.4%. In Q1, market wide asking rates hit $3.92 psf as the vacancy rate was 12.7%. The West LA market continues to present fundamentals that provide negotiating leverage to landlords. The asking lease rates range from $2.62 psf in the West Los Angeles submarket to $4.78 psf in the Beverly Hills submarket. The average new leasing activity in 2014 was 1,137,900 sf; however, new leasing activity in Q was 1,040,000 sf. The leasing highlights in West LA were as follows: Omnicom leased 60,000 sf at W. Jefferson in the Marina Del Rey/Playa Vista submarket, Kinetic Content leased 55,700 sf at & Wilshire Blvd in Brentwood, Group M renewed for 44,300 sf at 6300 Wilshire Blvd in Miracle Mile, WhaleRock leased 30,000 sf at 750 San Vicente Blvd in West Hollywood and Scopely leased 28,200 sf at 3530 Hayden Ave in Culver City. Net Absorption The West LA market was the most active market in Los Angeles County in terms of sales activity, in fact a cap rate of 4.3% was achieved in Q1. The significant sales transactions that closed in Q1 were as follows: Invesco acquired W. Jefferson Blvd in Marina Del Rey/ Playa Vista from Worthe Real Estate Group for $316,000,000 ($791 psf), IDS Real Estate Group acquired The Beats Electronics Headquarters in Culver City from Hackman Capital Partners for $108,000,000 ($847 psf), Tishman Speyer acquired 520 Broadway in Santa Monica from Vornado Realty Trust for $91,000,000 ($805 psf) and Mani Brothers acquired Jefferson Blvd in Marina Del Rey/Playa Vista from Ocean West Capital Partners for $48,500,000 ($543 psf). The West LA market is expected to continue to record strong demand for space. There is 586,800 sf scheduled to deliver in The delivery of this space is not going to substantially raise the vacancy rate given that 76% of this space is already leased. The market is expected to move further to the advantage of landlords for the remainder of 2015.

3 First Quarter 2015 West Los Angeles Office Market Report MAJOR LEASE TRANSACTIONS Tenant Type Submarket Omnicom New W. Jefferson Blvd, Los Angeles Marina Del Rey/Playa Vista 60,000 Kinetic Content New 11755/12100 Wilshire Blvd, Los Angeles Brentwood 55,700 Group M Renewal 6300 Wilshire Blvd, Los Angeles Miracle Mile 44,300 WhaleRock New 750 San Vicente Blvd, West Hollywood West Hollywood 30,000 Scopely New 3530 Hayden Ave, Culver City Culver City 28,200 MAJOR SALE TRANSACTIONS Buyer Seller Price P W. Jefferson Blvd, Los Angeles Invesco Worthe Real Estate Group $316,000, ,400 $ Higuera St, Culver City IDS Real Estate Group Hackman Capital Partners $108,000, ,500 $ Broadway, Santa Monica Tishman Speyer Vornado Realty Trust $91,000, ,000 $ Jefferson Blvd, Los Angeles Mani Brothers Real Estate Ocean West Capital Partners $48,500,000 89,400 $ Ocean Park Blvd, Santa Monica Westbrook Partners Broadreach Capital Partners $47,000, ,000 $465 UNDER CONSTRUCTION/RENOVATION Developer Completion Olympic Blvd, Los Angeles Hudson Pacific Properties 280, W Bluff Creek Dr, Los Angeles Tishman Speyer 204, S El Camino Dr, Beverly Hills Kennedy-Wilson Properties 64,900 There are 495 office buildings in the West Los Angeles market. Of these, 232 are considered to be Class A office buildings. The submarket with the highest percentage of Class A square footage relative to its inventory is Century City The industries driving the strongest demand for space in the Los Angeles office market are entertainment, media, and technology. Entertainment is the largest industry cluster in Los Angeles County The majority of development activity in the West Los Angeles office market consists of the renovation of existing buildings as opposed to ground up construction Sales activity in the West Los Angeles office market amounted to $670.7 million year-to-date.

4 First Quarter 2015 West Los Angeles Office Market Report West Los Angeles Markets By The Numbers

5 Avison Young at a Glance Avison Young, a real estate company committed to you. We deliver results that are aligned with your strategic business objectives, support real estate initiatives that add value, and build competitive advantage for your organization. A Growing, Multinational Presence Avison Young is the real estate partner businesses trust for intelligent, integrated solutions. Avison Young is Canada s largest independently owned commercial real estate services company. Founded in 1978 as Graeme Young & Associates of Edmonton; Merged with and Avison & Associates in 1996 to form Avison Young. In 2009, Avison Young began international expansion and has since opened 44 U.S. and 3 European offices. In 2011, Avison Young wins designation as one of Canada s 50 Best Managed Companies, Canada s most prestigious corporate award. In 2013, Avison Young requalified as one of Canada s 50 Best Managed Companies. Avison Young is the world s fastest-growing commercial real estate services firm. Headquartered in Toronto, Ontario, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,700 real estate professionals in 66 offices, providing valueadded, clientcentric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties. Contact Information - United States Los Angeles - Downtown Los Angeles - West Los Angeles - North Wilshire Blvd, Ste Forest Lawn Dr Los Angeles, CA Los Angeles, CA Primary Contact: Ted Simpson Primary Contact: Jonathan Larsen Primary Contact: Mark Evanoff Los Angeles - Santa Monica 301 Arizona Ave, Ste 303 Santa Monica, CA Primary Contact: Randy Starr Orange County - Irvine San Diego - La Jolla Regional Managing Director: Report Prepared By: 2030 Main Street, Ste Executive Sqr, Ste 600 Chris Cooper - Corporate Nash Midzi - Research Manager Irvine, CA La Jolla, CA Primary Contact: Dan Vittone Primary Contact: Jerry Keeney , Avison Young (Canada) Inc. The statistics contained in this report were obtained from sources deemed reliable, including Avison Young, Bureau of Labor Statistics, CoStar Group Inc., Real Capital Analytics, Inc., Reis Services, LLC, State of CA Employment Development Department, U.S. Green Building Council. However, Avison Young (Canada) Inc. does not guarantee the accuracy or completeness of the information presented, nor does it assume any responsibility or liability for any errors or omissions. All opinions expressed and data provided herein are subject to change without notice. This report cannot be reproduced in part or in full in any format without the prior written consent of Avison Young (Canada) Inc.

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