An entertainment firm is the first tenant to ink a lease in a new Los Angeles office space in a positive sign for the struggling market.

Fifth Season, based in Beverly Hills, California, agreed to lease about 65,000 square feet at 11355 W. Olympic Blvd. in the new Lumen West LA project, said Mike Coppin, senior vice president of leasing and marketing of McCarthy Cook & Co., owner and operating partner of the building. Fifth Season, part of South Korean entertainment media giant CJ ENM, is a production house whose TV shows and movies include "Severance" and "80 for Brady."

The 3.6-acre redevelopment project wrapped up construction in late 2022 on L.A.'s westside.

The lease is indicative of companies pursuing high quality, experiential office environments after the pandemic popularized working from home, Coppin said.

“I think business owners are now recognizing you've got to make an exponential flight to quality in order to bring people back to the office," he said.

The 550,000-square-foot office campus includes a 65,000-square-foot outdoor private space with a beer garden and other places to work and mingle. The campus also includes private terraces, a sport court, exhibition kitchen, fitness center, cabanas and a dog park. Lumen has a penthouse space with 22-foot, floor-to-ceiling glass.

Overall office leasing has been waning in recent months as companies continue to reevaluate their physical footprint needs. Office vacancy has increased to 15.2%, up from 13.6% one year ago, in Los Angeles. Some building owners have defaulted on loans or faced foreclosure, particularly owners in downtown.

However, office rents for four-star and five-star properties in Los Angeles have grown slightly since the start of 2022 while rents at lower quality office spaces have flattened, showing the demand for upper-end office space, according to CoStar data.

The Olympic corridor office market has an average market rent of $52.30 per square foot, above the greater L.A. average of $42.25 per square foot, according to CoStar data. The market's vacancy is 23.6%, well above the greater L.A. market average.

Fifth Season is the new name of Endeavor Content after a roughly 80% stake in the company was sold to CJ ENM in September, according to Deadline.

It's the latest real estate deal for the South Korean company known for Oscar-winning film "Parasite." CJ ENM acquired a roughly 26,400-square-foot building at 10441 Jefferson Blvd. in Culver City for $28.7 million, or about $1,087 per square foot, in October.

Representatives for CJ ENM did not respond to requests to comment from CoStar News.