Google Office Development Sold To UCLA
Commercial Observer
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UCLA is buying a former shopping center in L.A., ending a large-scale office redevelopment that was already fully leased to Google through 2036 at $43 million per year. Also for today: Hope springs in the fourth quarter. While New York City saw office leasing drop by 20 percent compared to 2022, the figures for the final three months of the year are still a significant increase from the 4.2 million square feet signed in the third quarter.
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— Gregory Cornfield, Associate Editor
UCLA Wants to Buy Google’s Westside Pavilion Office That Never Came to Be
News of what could be the biggest deal of 2023 for Los Angeles is landing just as we were closing the book on the year. UCLA wants to buy a former shopping center on L.A.’s Westside that was intended to be a large-scale trophy office redevelopment fully leased to Google through 2036. Well-known studio REIT Hudson Pacific Properties and minority owner Macerich are selling the asset for an undisclosed price.?
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Manhattan Office Leasing Sees Dive Then 11th-Hour Recovery in 2023
Manhattan office leasing numbers may have taken a bit of a tumble compared to 2022, but the fourth quarter has given analysts hope that it’s all trending up. The fourth quarter saw 6 million square feet of leases — with law firms taking the most space — and 2023 closed out with 21.7 million square feet, a 20 percent decrease from the amount of space leased in 2022, according to a report from JLL (JLL). But the fourth-quarter figures are still an increase from the 4.2 million square feet signed in the third quarter.
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