Leases hit the highs of dot-com days.Fox Interactive Media and Edmunds.com Inc. are inking large Westside leases at some of the highest rents since the dot-com days. Fox Interactive Media, a division of media giant News Corp., is negotiating to lease a 165,000-square-foot prime Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. office building at 407 N. Maple Drive, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. sources. Terms were still being negotiated last week, but assuming a standard 10-year lease and Beverly Hills asking rents of $3.25 a foot, the lease could be worth nearly $65 million to Tishman Speyer Properties Tishman Speyer Properties is a leading real estate building and operating company set up in 1978 by two founding partners, Jerry Speyer and Robert Tishman. Overview LP, the building's owner. Fox was represented by Cushman & Wakefield Inc.'s Andy Feola, and Tishman was represented internally by John Ollen. Both Feola and Ollen declined to comment. Tishman recently bought the vacant office building for $71 million from a partnership made up of health care magnate Dr. Bernard Salick and entertainment mogul David Geffen. The building sat empty for two years while the partners unsuccessfully sought permission from the Beverly Hills City Council to convert it to a cardiac care center. When the council vetoed the change of use, Geffen and Salick decided to sell the building. News Corp. has been increasingly focusing on Web operations Web operations is a domain of expertise within IT systems management that involves the deployment, operation, maintenance, tuning, and repair of web-based applications. With the rise of web technologies since mid-1995, specialists have emerged that understand the complexities of , with the company earlier this year agreeing to buy Intermix in·ter·mix tr. & intr.v. in·ter·mixed, in·ter·mix·ing, in·ter·mix·es To mix or become mixed together. [Back-formation from obsolete intermixt, from Latin Media Inc.--formerly eUniverse--for about $580 million. The Beverly Hills location will serve as Fox Interactive Media's headquarters. Fox had been negotiating a lease with similar terms at the Water Garden office complex in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , but that deal fell through when Edmunds.com--a publisher of auto buying guides--agreed to take the space for $3.40 a foot. At that rent, which sets a new high-water mark high-water mark n. 1. Abbr. HWM A mark indicating the highest level reached by a body of water. 2. The highest point, as of achievement; the apex. for the office complex, Edmunds.com's 106,000-square-foot, 10-year lease is worth nearly $43.3 million. Pension funds managed by JPMorgan own the Water Garden. Edmunds.com, which is moving from the Colorado Center, was represented by Travers Realty Co. LLC's James N. Travers and Steven N. Eyler and Trammell Crow Co.'s Bob Pearson represented the Water Garden. |
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