Paradigm Talent Agency retreats from Beverly Hills headquarters after big expansion
Paradigm Talent Agency is looking for a new tenant to take over its lease at its headquarters in Beverly Hills, a sign of the once-prominent agency’s retrenchment during the pandemic.
The company is offering its entire three-floor building, spanning 82,886 square feet inside 8942 Wilshire Blvd., for sublease until March 31, 2033, according to real estate data provider CoStar. The asking monthly rent is $6.50 per square foot, well above the Los Angeles County average.
The office space, located within walking distance of glitzy Rodeo Drive, is described as “a prime Beverly Hills location” in a subleasing brochure obtained by the Los Angeles Times. The building includes an on-site cafe and lounge, as well as a 44-seat screening room.
“Highly designed architecturally distinct creative office space,” the brochure states. “One of the most high profile opportunities in the market today.”
In a statement, Paradigm declined to discuss its subleasing plans but said: “With the lessons that Paradigm has learned over the course of the past two years, and the success that we have shared with our clients, we have determined that a progressive hybrid work model for our employees combined with an office footprint best reflects the future of the company and our business.
“We have a definitive plan for our office space in Los Angeles and New York, and we look forward to sharing the details with our entertainment partners in the very near future,” the company said, adding that it has not vacated 8942 Wilshire Blvd.
Casey Wasserman launched a new company after recently acquiring the live music business from Paradigm
The search for a new tenant marks a major retreat for Paradigm, which moved into the space in 2018 after signing a long-term lease and spending millions on renovations, including installing a staircase in the center of the building.
The 8942 Wilshire office combined the talent agency’s offices in Hollywood, Beverly Hills and downtown L.A. into one location, according to the Hollywood Reporter.
“It was important to us to take ownership of this building from the get-go,” Paradigm Chief Executive Sam Gores told the trade publication then.
The music department was on the second floor, while the literary and talent departments took up the third floor. Paradigm, once Hollywood’s fifth largest agency, at the time said it employed 650 people and had more than 4,000 clients including “Crazy Rich Asians” star Henry Golding. Golding currently is represented by rival firm Creative Artists Agency.
But the company’s fortunes took a turn for the worse during the COVID-19 pandemic. Its prominent music business was battered by the pandemic, which caused a cascade of live events, festivals and concerts to be canceled or postponed. In March 2020, Paradigm said it was “temporarily” laying off 250 people, some of whom were asked to return to the company when business improved.
Paradigm Talent Agency on Thursday said it laid off 250 people last week, citing the fallout from the COVID-19 pandemic. Former staffers have blasted the company over its handling of the layoffs.
Gores faced blowback from staff over his handling of the layoffs after a company representative downplayed the scope of the cuts.
“In hindsight, we probably should not have let the media talk about a number until we really knew what it was,” Gores told The Times.
The executive also faced scrutiny later that year when a former partner accused him of instructing a former assistant to use company funds to pay for prostitutes. The company and the former assistant denied the allegation. The case was dismissed last year.
After exploring acquisition offers from rival agencies including CAA and United Talent Agency, Paradigm last year sold its North American live music representation business to L.A.-based marketing and representation firm Wasserman, further whittling down Paradigm’s staff.
CAA has had exploratory discussions to buy Paradigm Talent Agency in Beverly Hills, known for representing such clients as Fergie and Idina Menzel.
On its website, Paradigm lists offices in Beverly Hills, New York and London. An associate with Cushman & Wakefield Inc. said that Paradigm has moved out of the New York building located at 140 Broadway.
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