Law Firm Seals 10-Year Deal for 20,000 SF

CENTURY CITY, CA-The law firm of Simpson, Thacher & Bartlett has signed a 10-year, $9-million lease for 20,568 sf at 1999 Avenue of the Stars, according to Madison Partners. Gary Weiss of Madison Partners and Whitley Collins of Staubach represented the law firm, which has been in the building for three years.Simpson, Thatcher & Bartlett’s previous lease was due to expire in November, according to Weiss, who says the law firm renewed early to take advantage of an attractive rate. The deal also included a significant tenant improvement allowance in space that was already built out to quality specs.The 1999 Avenue of the Stars Building, 39 stories and 750,000 sf, is about 90% occupied. Landlord Equity Office Properties was represented internally byDavid Hitzel.The firm evaluated all the buildings in the Century City market, and decided that a renewal was the best deal economically and logistically, Weiss says. With a declining number of full-floor or multi-floor spaces left in this market, “tenants often decide that the best deal is in their own proverbial back yard,” Weiss adds.Another tenant that chose to stay in its existing space recently was First Quadrant, an asset manager, which signed a lease renewal for 22,564 sf of office space at Equity Office’s Pasadena Towers I, in the Pasadena Financial District. The building has been the headquarters for First Quadrant for the past 14 years.David Gordon of Studley represented First Quadrant, with Equity Office represented by Colliers Seeley’s Shaun Stiles. Pasadena Towers is a 439,000-sf office campus at the intersection of Lake Avenue and Colorado Boulevard that consists of twin, nine-story towers and is 98.5% leased.