Oceanwide Plaza towers covered in graffiti in downtown Los Angeles.
Photographer: Kyle Grillot/Bloomberg
A $557 Billion Drop in Office Values Eclipses a Revival of Cities
Commercial real estate turmoil is centered mostly on aging central business districts — with outer neighborhoods holding up better or even thriving.
The sun-splashed streets of Los Angeles’ Century City evoke the prestige associated with the world’s entertainment mecca.
The aptly named Avenue of the Stars teems with traffic to the headquarters of Creative Artists Agency, talent manager for celebrities such as Brad Pitt, Steven Spielberg and Zendaya. LA’s wealthiest discreetly hand their cars off to valets at the offices of UBS Private Wealth Management and Goldman Sachs Group Inc. Cranes are hoisting I-beams for a new 37-story tower that will be the future home of CAA, law firm Sidley Austin and private equity manager Clearlake Capital Group.