Creative Space in Demand in Santa Monica

The Hollywood Reporter says CBS signs a lease worth $15 million at the Water Garden in Santa Monica. Now Hulu, Miramax and Demand Media are reportedly looking for space in the Westside, too.

After reporting last week that CBS Television Distribution has signed a five-year lease at the Water Garden office complex in Santa Monica—a deal valued at $15 million—the Hollywood Reporter says demand for creative space is highest on the Westside.

According to the magazine, big name media companies such as Hulu, Miramax and Demand Media are looking for space or close to signing leases in Santa Monica, Culver City, Marina del Rey and Venice.

The vacancy rate in the area was 12 percent in the first quarter, dipping from 15.5 percent the same time in 2011, Industry Partners told THR.

Jim Jacobsen, a broker with commercial restate firm, told the magazine, "it felt like a little bit of a pause back in December, but it has picked up, and there has been a real increase in deal activity."

The Water Garden sits on 17 acres and is reportedly the largest commercial property in the Santa Monica area.


Stay connected with Santa Monica Patch throughout the day on Facebook and Twitter. Subscribe to our free daily newsletter for email updates.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »