Pacific Design's Center's Red Building still waiting for first tenant

Developer Charles Cohen was looking for a few top-name entertainment companies, but as the 400,000-square-foot building nears completion, there haven't been any takers. From the Business Journal:

"His thought that a major company could come there is viable, but the problem is two-fold: There isn't a tenant in the market for him, and his rent is probably in general a $1 or $1.50 over the highest rents paid today," said Michael Ross, senior vice president of investment properties at Grubb & Ellis Co.

[CUT]

Companies such as United Talent Agency Inc. and William Morris Endeavor Entertainment LLC toured the property but decided to move into lower-price properties in nearby Beverly Hills. Brokers in the submarket say they aren't aware of other large local tenants looking for new offices. Cohen, however, has been nothing if not persistent. Instead of dropping the asking rate or searching for another type of tenant, he is now on his third brokerage in two years - L.A. Realty Partners - after the first two failed to deliver.