Anderson Real Estate will have a formidable primary 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 will incorporate Ares Management Corp., the global manager of alternative investments founded in 1997. Ares Management, which has signed a 12-year lease, will move its team based in Century City 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 complete, Anderson Towers will feature panoramic views, access to amenities and 5 acres of outdoor space. Tenants will have access to a park landscape of interconnecting pathways, a pedestrian bridge connection to Westfield Century City Mall, and the ability to work and hold meetings outdoors.
For Anderson Real Estate, attracting Ares Management Corp. to Anderson Towers is a great opportunity. As of September 30, Ares Management’s global platform had approximately $341 billion in assets under management, with more than 2,450 employees operating in 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 in-demand employment destinations in the city, and we couldn’t be more pleased to welcome Ares, one of the most respected investment managers in the world. with incredibly deep roots in Los Angeles, as our primary tenant,” said William Anderson, Anderson Holdings’ chief executive officer and chief executive officer, in a statement. “This is a great victory for our entire real estate group, who had both the strength and the vision to get this project off the ground. This redevelopment is just one of a series of large investments that Anderson Real Estate is making in its Southern California portfolio.”
“The office of the future must be a space that attracts tenants by giving them 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, technology-enabled, environmentally friendly space that will make the workday more fulfilling. As the concept of how we interact with work continues to evolve, we believe that what we are creating are the types of spaces and amenities that forward-thinking companies will demand for their employees.”
The Anderson Towers redesign is being led by David Montalba of Montalba Architects and Dillon Diers of OJB Landscape Architecture. EEI’s Tony Kantarjian is leading development management. Peter Gordon and Taylor Callaway of AllianceBernstein provided funding for the project.
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 legal counsel for Anderson Real Estate. Ares Management was represented by John Bertram of Savills and Scott Gertz of Westmac.
