|
|
5/30/22
|
IWG has signed a 38.4k sf lease for its Spaces brand at 811 West 7th Street (the historic “Fine Arts” Building) in downtown Los Angeles. Spaces will be located on the top four floors of the building, which includes the unique penthouse space featuring a fireplace.
The space was formerly occupied by WeWork, with this transaction representing the second former WeWork location IWG has leased in Los Angeles this year. Spaces will complete minor renovations to the space and plans to open in early summer 2022.
Located at the intersection of 7th St and Figueroa and Flower Streets in DTLA’s Central Business District (CBD), the Fine Arts Building is an iconic 12-story office building measuring 116k sf. The transaction highlights the ongoing trend of traditional CBD tenants’ focus on securing best-in-class historically significant low-rise office buildings.
Gibran Begum with Newmark represented the asset owner, Manchester Capital Management LLC, in the transaction. Lease terms were not disclosed.
According to Newmark Research, net absorption in the Los Angeles office market registered 452.5k sf during the first quarter of 2022, the second consecutive quarter of positive absorption for the market. The pandemic has had multiple impacts on commercial real estate, with the growing popularity of low-rise campus style product being one of the principal narratives. Creative, collaborative space continues to be in demand, and many occupiers are eyeing high-end spaces to attract employees back to the office.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
