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Playboy Moving Headquarters to Westwood

Relocation Comes as New Owner Morphs Firm Into Brand-Management Company
May 15, 2018

Playboy Enterprises Inc. plans to relocate its headquarters to Westwood from Beverly Hills. It's the latest move by executives who are reshaping the business after the passing of Playboy founder Hugh Hefner last year.

The famous adult entertainment and lifestyle company has struck a deal to sublease an estimated 40,000 square feet of office space on the 21st and 22nd floors at Douglas Emmett Inc.’s 10960 Wilshire Blvd. office tower, according to three sources knowledgeable of the deal but unauthorized to speak on the issue.

The company's name is listed on the front of the building facing Wilshire with the names of other prominent tenants now. The building is located just more than two blocks from where Hefner is buried in Westwood Village Memorial Park.

The office space was put up for sublease by marketing agency Wasserman earlier this year at a rate of $3.85 per square foot monthly until July 2020, according to a private listing memo for the space. Details of Playboy's lease are not known.

Wasserman moved out of that building to expand to 61,000 square feet at Tishman Speyer’s 10900 Wilshire Blvd. last year. Chief Executive Casey Wasserman is also chairman of the LA2024 Olympic campaign.

Playboy currently occupies about 52,000 square feet at Rockefeller Group’s 9346 Civic Center Dr., known as UTA Plaza, in Beverly Hills.

The site is the two-building headquarters of entertainment and literary representation firm United Talent Agency. That group, which represents stars ranging from Amy Schumer to Frances McDormand, occupies just under 50,000 square feet in the building it currently shares with Playboy. It occupies most of the sister building at 9336 Civic Center for a total footprint of 120,000 square feet at the location.

Playboy’s move comes at a critical time in the company’s history. Earlier this year, Michigan-based private equity firm Rizvi Traverse took control of the business and announced plans to transition it from an entertainment company to a brand-management company. It is also weighing closing its print magazine.

Ben Kohn, Playboy chief executive and a Rizvi managing partner, told the Wall Street Journal in January that they want to focus on the larger 'World of Playboy,' adding that the company would spend 2018 transitioning from a media company to a brand management firm.

Playboy moved into its Beverly Hills home about seven years ago, consolidating offices from Santa Monica and Glendale into one posh zip code.

Playboy and Rizvi representatives declined to comment.

Jacquelyn Ryan, Los Angeles Market Reporter  CoStar Group   
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