William Morris, UTA consider moving to Pacific Design Center

Developer Charles Cohen had Hollywood in mind when working with architect Cesar Pelli on the 400,000-square-foot Red Building (striking design, private elevators, great views of the city, etc.). Plus, both agencies have been on the prowl for office space - and have toured the property, reports THR. Cohen is believed to be asking $5 per square foot - way higher than other media-oriented offices.

Several real estate experts say that there are no more than a few dozen office projects capable of catering to top-tier studios, production companies, agencies and media firms. That puts the premium properties in a better spot to lure and retain tenants than other segments of the commercial market.

Some background on Cohen from my 2008 profile in Los Angeles magazine:

Cohen Brothers Realty was started by Charles's father, Sherman, and his uncles Edward and Mortimer. Their savviest move came in 1955 when New York's elevated rail line along Third Avenue was dismantled; the Cohens, among others, rushed in to buy land and develop high-rise apartments and offices. Charles Cohen remembers writing up lease renewals when he was a young teenager, though his early interest was in filmmaking and later entertainment law (he graduated from Brooklyn Law School). After failing to land a show business job, he went to work at Chemical Bank's real estate division. Cohen returned to the family business in 1979. Four years later he was running the place.

Cohen and other investors snapped up the then-struggling PDC in 1999.