The company's headquarters made the move from Chicago. It will now occupy 45,000 square feet of office space near Beverly Hills City Hall. The company once leased space in Glendale and Santa Monica.
"Believe it or not it's actually a cost savings for us because we had twice as much space in Chicago than what we've needed to have here with the benefit of having everyone in one facility," said Playboy CEO Scott Flanders.
Company founder Hugh Hefner, who attended the ribbon cutting, said having all of the company's divisions, including the magazine and cable channel, minutes away from his home and under one roof is good business.
"We have been spread out for many years in several cities and it is nice to bring everybody together," Hefner said.
Beverly Hills, like many other Southern California cities, has been challenged to attract new businesses.
Beverly Hills Mayor William Brien said the city has been challenged to attract new businesses. It worked with Playboy on the deal for about a year.
Playboy was founded in 1953. Despite recent tough times, Hefner said he believes the brand is still relevant today.
