Paley Commercial Real Estate has come to discover that Ruth Chris plans to move their current location in The Promenade to the former TGI Fridays site a few blocks away at 5919 Canoga Avenue. TGI Fridays occupied the building for nearly 40 years and was a landmark in the Warner Center landscape. Since closing their doors at the end of last year, the 8,200 square foot restaurant has sat vacant with no marketing advertising the building available for lease. After inquiring about the vacancy with several long-time clients, Paley Commercial was told that Ruth Chris has already made a play for the property and plans on moving to the location after construction is completed. The new restaurant’s grand opening is a good two years away, as the current structure will need to be demolished to make room for a brand-new building.
This is another example of the mass tenant exodus taking place at The Promenade with some of the lone holdouts being the AMC 16 Theatres, United States Post Office, and Maggiano’s Little Italy Restaurant. It is unclear when the owners, Westfield Group, will completely vacate the tenants and begin developing the massive project named “Promenade 2035.” The Mall will be torn down to make way for a new development consisting of 1,400 residential units, office space, shops, 5.6 acres of open space, and a 15,000-seat entertainment center on the 34-acre site. Because of their monopoly of the real estate in Warner Center, it has been said that Unibail-Rodamco who purchased Westfield Group’s entire portfolio in December of 2017 for $15.7 Billion, will shuffle the existing tenants at the Promenade to the nearby Westfield Topanga and the Village. As of early 2020 signs of construction in the Westfield Topanga parking lot can already be seen, possibly to make room for the tenant shift from the Promenade.
Another Warner Center Project coming to fruition is the QWEST Project which is under construction across the street from The Village. The seven-story structure consists of 347 apartment units and 20,000 square feet of ground floor retail space with 656 subterranean parking spaces. It is scheduled to be completed in Summer 2021.
Paley Commercial prides itself on keeping up to date on all the new development projects and transactions that have taken place since 1984. We specialize in San Fernando Valley commercial real estate, in fact it’s all we do. All our agents and brokers were born and raised here, which allows us to have a special connection to the area and its people. Our areas of expertise are Investment Property Sales, Commercial Leasing, and Property Management. If you are a Commercial Owner of several properties or just one, Paley Real Estate treats all our clients the same knowing how important it is for each. In locating the right space, it’s essential to hire a Broker who knows the latest lease rates and can pass that knowledge onto you. Managing property is not an easy task and if you are looking for a trustworthy company to lighten your load, give Paley Commercial Real Estate Woodland Hills a call at (818) 225-1500.