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Adidas signs new major leasing deal in downtown L.A.

Adidas "agreed to a major new office lease" in downtown L.A., according to Peter Grant of the WALL STREET JOURNAL. The German brand has “leased 107,000 square feet” in a new Brookfield Asset Management redevelopment. The deal -- a "major expansion” of Adidas’ L.A. operation for marketing, sales and design -- is the “largest lease signed” in downtown L.A. in more than a year. Adidas, which now has only a small office in downtown L.A., will “initially occupy the top floors” of two of the interconnected buildings. The company "was attracted to the property” in part because of its “proximity to the new hotels, apartments, bars, restaurants and cultural attractions that have mushroomed nearby." It did not hurt that the location was also “close to” Crypto.com Arena. L.A. has “been slammed” by the pandemic, with office vacancies "among the highest" in the U.S. The vacancy rate downtown “rose to 19.6%” in Q3 last year (WALL STREET JOURNAL, 1/12).

SBJ Spotlight: TikTok’s threat to traditional sports media

While tech companies are consumed with finding ways to compete with TikTok, almost no one in conventional media “spends any time talking about it,” said Recode senior correspondent Peter Kafka in an Spotlight interview with SBJ’s John Ourand. “To me, that’s just an obvious disconnect.” Kafka authored a recent column headlined, “It’s TikTok’s world. Can TV live in it?” He said the main response to TikTok’s growth from traditional media execs has been to “punt and hope it’s someone else’s problem a quarter from now or two years from now.” But Kafka said that ignores the trend of conventional broadcast audiences growing older while a billion younger consumers spend most of their media time watching short video after short video. “If you’re in the business of getting anyone under the age of 30 to look at what you’re putting on a screen, you have to think about the fact that you’re probably asking them to put down TikTok and watch your thing instead,” said Kafka. “That’s a very difficult ask. … [TikTok] is insanely addictive.”

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