Newmark has negotiated a 10-year lease for the entire penthouse floor totaling 14,907 square feet on behalf of talent agency, BUCHWALD. BUCHWALD was launched by Don Buchwald and five associates in 1977 and today, with offices in New York and Los Angeles, is an industry leader in talent representation. Comprising 30 stories, 5900 Wilshire Boulevard is Miracle Mile’s tallest building totaling about half a million square feet and will serve as the full-service agency’s West Coast hub.
“Our client focused on 5900 Wilshire once the most prestigious floor in the building became available featuring SBE’s high-end improvements fitting for reuse and modification to the specifications of BUCHWALD’S Los Angeles headquarters,” said Kluth.
Ryan Harding added, “With the additional space this floor offers, BUCHWALD is able to accommodate its recent and continued growth in a significantly upgraded workplace.”
BUCHWALD’s expansion involved a departure from its long-time Miracle Mile offices at 6500 Wilshire.
BUCHWALD President, West Coast Julia Buchwald commented, “We are excited about the opportunity this new incredible space brings us. The aesthetic and flow represent for the agency how we are and will continue to be perceived: classic and contemporary as well as collaborative and powerful.”
With this lease secured, 5900 Wilshire is now 95 percent occupied. Designed by the renowned William Pereira in the late 1960s, 5900 Wilshire is a landmark property with 360 degree views of the city located in Los Angeles’ Miracle Mile district. The property completed a $34 million renovation of the building in 2008 which included the replacement and upgrading of the building’s infrastructure and Lobby Renovation, and was recognized by the Los Angeles Architectural Awards as Renovated Building of the Year in 2009 and achieved LEED Gold certification in 2016. The property is located directly across from the Los Angeles County Museum of Art (LACMA) and is in close proximity to Beverly Hills dining, shopping, hotels and entertainment.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.