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6/16/16
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Barrister Executive Suites Inc has inked a five-year lease for nearly 6.5k sf of space in one of Santa Monica’s most-desired high-rise buildings, at 100 Wilshire Blvd. The deal value was not disclosed.
The building is among the most expensive in Los Angeles. It is currently fully occupied, including tenants such as Guggenheim, Buckley Sandler LLP, Eastdil Secured, and Greene Broillet & Wheeler LLP. The property boasts very desirable views of the Pacific Ocean, the Santa Monica Mountains and the Westside.
Matt Perlmutter of CBRE represented the tenant in the deal. Scott Menkus and Eric Olofson of Cushman & Wakefield repped the landlord, Douglas Emmett.
The number of executive suite and co-working spaces in office markets around the country is likely to rise in 2016 as more companies, including Fortune 500 enterprises, are taking space at these types of facilities, according to a January report from CBRE Group, Inc. This is driven by demand from companies small and large – CBRE projects the executive suite/co-working sector has a five-year compound annual growth rate of 21 percent – attracted to the flexibility of the model and lower costs as average office asking rents have been on the rise nationally, according to CBRE.
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