AEG to Move 500 Employees into Renovated Desmond Building

Transformation of the Desmond is scheduled to be complete by 2015

View Comments (
)
|
Email
|
Print

    NEWSLETTERS

    Entertainment giant AEG will take over a vacant 82,000-square-foot building in downtown Los Angeles keeping with its efforts to revive the downtown area. Gordon Tokumatsu reports for NBC4 News at 6 p.m. from downtown Los Angeles Tuesday, July 8, 2014.

    The nearly century-old Desmond building stands as a reflection of downtown itself -- old and creaky, but with solid bones.

    Perhaps this is why the worldwide Anschutz Entertainment Group has decided to lease the place for its ticketing and entertainment divisions.

    The entertainment giant, which brought to downtown the Staples Center and entertainment complex LA Live, said that the move of hundreds of employees into the building is a reaffirmation of its commitment to downtown.

    "When we first got into the music business, about a dozen years ago, it would’ve been unthinkable to consider moving that business to downtown," AEG Vice Chairman Ted Fikre said.

    While the company invested in developing downtown, Fikre said that people who traditionally kept to West LA eventually wanted to be downtown, where the action was.

    Purchased by Lincoln Property Company in 2013, the real estate company has big plans for the old automobile factory.

    When completed the five-story building will feature loft offices, a ground level cafe, and a glass pavilion on the top floor and projected to cost $25 million.

    The renovation of the old five-story automobile factory is expected to be completed and occupied in April 2015.

    Follow NBCLA for the latest LA news, events and entertainment: iPhone/iPad App | Facebook | Twitter | Google+ | Instagram | RSS | Text Alerts | Email Alerts