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7/31/18
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Co-working firm SPACES inked a lease for 66.3k sf of space in West Los Angeles’ Westchester neighborhood, at the former Univision building. The building, located at 5999 Center Dr, is owned by CBRE Global Investors, which acquired the property in 2016 and has since completed an extensive renovation of the asset.
The site is in proximity to the tech hubs of Playa Vista and Culver City and has undergone a multi-million-dollar capital revamp, to reposition it from a building that was originally constructed for a single occupier to a multi-tenant alternative for flexible work space. It is designed with indoor-outdoor ground floor access and a newly constructed deck, patio and lounge, offering varying work environments with WiFi connectivity.
CBRE’s Daniel Rainer represented SPACES in the transaction. CBRE’s Bryan Dunne and Kent Handleman at Lincoln Properties represented landlord. Terms of the deal were not disclosed.
“Los Angeles is one of the most dynamic economies in the U.S. with industries such as high-tech and international trade rapidly growing. As a result, we are seeing an increasing demand from businesses of all sizes that are looking for flexible working solutions that let them easily scale up or down,” said Michael Berretta, VP of Network Development for IWG. “This scale and our community is something Spaces offers that other co-working providers cannot match. We are continuing to grow at a rapid rate -within California and beyond - and when a company becomes a Spaces member, they gain access to more than 3,000 flexible workspace options through the IWG network, which owns Spaces.”
CBRE Global Investors activated the property’s expansive lobby with a focus on tenant interaction through technology and games. The hackable exterior also allows tenants to create their own separate entrances as well as a small exclusive patio space.
“A few years ago, landlords were a lot more cautious about the idea of co-working,” said Dunne. “Today, that has completely changed. Co-working space is in high demand from a variety of users, and forward-thinking landlords such as CBRE Global Investors are re-envisioning their properties to accommodate that new trend. Co-working is here to stay as it has turned into a viable solution for many different reasons to many different occupiers at a time when flexibility and agility are key.”
Co-working space in the Greater Los Angeles region has increased to about 4 msf, or 1.8% of total office square footage in the area, according to CBRE Research. Local co-working inventory jumped by 50% over the past 24 months.
It is SPACES’ ninth lease in the area, bringing the company’s total footprint in the region to 388,986 square feet, including in such markets as Hollywood, Santa Monica and Downtown LA.
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