Anderson Real Estate will have a formidable anchor tenant when it completes an extensive $100 million renovation of its Anderson Towers complex in Century City next year.
The downtown-based real estate firm is bringing aboard Ares Management Corp., the global alternative investment manager founded in 1997. Ares Management, which has signed a 12-year lease, will move its Century City-based team to occupy 206,000 square feet at 1800 Avenue of the Stars after the campus is completed in June of next year The commitment will include naming rights to the building.
Ares Management is currently located at 2000 Avenue of the Stars.
When completed, Anderson Towers will feature panoramic views, access to amenities and 5 acres of outdoor spaces. Tenants will have access to a park landscape of interconnected pathways, a footbridge connection to the Westfield Century City Mall, and the ability to work and take meetings outdoors.
For Anderson Real Estate, attracting Ares Management Corp. to the Anderson Towers is an enormous catch. As of September 30, Ares Management’s global platform had approximately $341 billion of assets under management, with more than 2,450 employees operating across North America, Europe, Asia Pacific and the Middle East.
“We are excited to begin the transformation of these two properties into what will become one of the most sought-after workplace destinations in the city, and we could not be more pleased to welcome Ares, one of the most respected investment managers in the world with incredibly deep Los Angeles roots, as our anchor tenant,” William Anderson, executive chairman and chief executive officer of Anderson Holdings, said in a statement. “This is a huge win for our entire real estate group, which had both the fortitude and vision to get this project off the ground. This redevelopment is just one of a number of large investments Anderson Real Estate is making across its Southern California portfolio.”
“The office of the future must be a space that attracts tenants by providing them with what they can’t get at home,” added Matt Lavin, president of Anderson Real Estate. “This is precisely what we are building at Anderson Towers: a modern, tech-integrated, environmentally friendly space that will make the workday more fulfilling. As the concept of how we interact with work continues to evolve, we believe what we are creating are the types of spaces and amenities that forward-thinking companies will demand for their employees.”
The redesign of Anderson Towers is being led by David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture. Tony Kantarjian of EEI is leading the development management. Peter Gordon and Taylor Callaway of AllianceBernstein provided the project financing.
Anderson Real Estate was represented in the lease transaction by Peter Best of LA Realty Partners and the CBRE Group Inc. team of Rocky Binswanger, Bryan Dunne and David Freitag. John Tipton of Allen Matkins acted as Anderson Real Estate’s legal counsel. Ares Management was represented by John Bertram of Savills and Scott Gertz of Westmac.