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Los Angeles

Princess Cruises to sublease 300K sf headquarters in Santa Clarita

Ship line sets a rate of $1.99 psf for four-building campus near Valencia Town Center

Princess Cruises to Sublease Headquarters in Santa Clarita
Princess Cruise' John Padgett; 24200 Magic Mountain Parkway (CoStar, Getty, Linkedin)

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Princess Cruises wants to sublease its 300,000-square-foot headquarters campus in Santa Clarita.

The unit of Miami-based Carnival has listed four office buildings for sublease at 24300, 24303 and 24305 Town Center Drive, and at 24200 Magic Mountain Parkway, in Valencia, CoStar News reported, citing a marketing brochure from Savills.

The cruise line has set a sublease rate of $1.99 per square foot, including base rent, operating expenses, janitorial service and utilities.The Princess Cruise lease expires in March 2026.

The buildings, which rise three to six stories near the Valencia Town Center, are owned by Bel Valencia, based in Miami, according to a San Francisco Chronicle property database.

Princess Cruises, which moved its headquarters from Century City to Santa Clarita in 2001, inked a 15-year-lease for the campus in 2011. It was acquired by Carnival in 2003, and now employs more than 1,000 workers in Santa Clarita. 

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Princess Cruises President John Padgett is based in Miami, according to LinkedIn.

The office sublease follows a nationwide shift to remote work during the pandemic.

The number of offices now listed for sublease has slowed, according to CoStar. Some 11.4 million square feet of offices are available for sublease across greater Los Angeles, about the same as last year. That represents 2.6 percent of the total offices across the region.

Across the nation, office sublease space is up 3 percent year over year, according to CoStar. The sublease space as a fraction of total available offices has gradually declined since the second quarter of last year.

The Santa Clarita office vacancy rate is 14.8 percent, below the greater Los Angeles average of 15.7 percent, according to CoStar. The market’s average rent is $36.75 annually per square foot, or $3.06 per month. That’s below the greater L.A. annual average of $41.66 per square foot.

— Dana Bartholomew

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