Landlords could gain from Westfield's Century City plans.(Westfield of America Inc. plans to tear down two office buildings)

From: Los Angeles Business Journal | Date: March 20, 2006| Author: | Copyright information

WESTFIELD of America Inc.'s plans to raze two Century City office buildings adjacent to its mall to make way for condos and more shops and restaurants could reshape the office submarket.

The Sydney, Australia-based company's plans would reduce the amount of vacant Century City office space by nearly one-third, possibly pushing vacancy rates into the single digits for the first time in seven or more years.

"I'm sure every landlord in Century City is elated," said Gary Weiss, a principal with brokerage Madison Partners. "Westfield just took 300,000 square feet of ...

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