Locally based Douglas Emmett & Co. is renovating Sherman Oaks Galleria in Sherman Oaks, Calif. Located at the corner of Ventura and Sepulveda boulevards, the open-air lifestyle complex will feature three levels of recreation and entertainment amenities and 700,000 sq. ft. of Class-A office space. Los Angeles-based CB Richard Ellis is acting as the leasing and marketing agent for the complex slated for completion in the spring 2001.

The centerpiece of the 300,000 sq. ft. retail and entertainment space will be a 16-screen Pacific Theatres cinema with 4,000 stadium-style seats, and a two-story, 50,000 sq. ft, Tower Records-Video Book store. The Galleria will also feature a mix of restaurants, specialty shops and a new pedestrian plaza featuring an interactive water sculpture that leads to the central promenade.