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2/19/19
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Coworking firm Spaces inked a lease for 69.2k sf at The Water Garden in Santa Monica. Terms of the deal were nto disclosed.
The creative office campus sits within the Silicon Beach area and recently underwent an extensive, multimillion-dollar transformation. The Water Garden’s 17 acres of indoor and exterior space have been reimagined with a landscaped river walk, outdoor communal space for meetings, concerts, movie screenings and events, Zen gardens, fire pits, games, alfresco dining and an array of amenities including restaurants and cafes, retail, banking, child care, and a state-of-the-art fitness club.
CBRE’s Daniel Rainer represented Spaces in the transaction. CBRE’s Amanda Calof, Patti Gilbert and Pat McRoskey represented the property’s ownership, institutional investors advised by J.P. Morgan Asset Management.
This is Spaces’ 8th lease in the area, bringing the company’s total footprint in the region to 323k sf, including in such markets as Hollywood, Santa Monica and Downtown LA. “The greater Los Angeles market continues to be an area of expansion for Spaces,” said Michael Berretta, Vice President of Network Development for IWG, which owns Spaces.
Los Angeles is the second-largest coworking market in the country with a total of 4.1 msf of flexible space in the 222 msf of office market, according to CBRE research. Local coworking inventory jumped by 50% over the past 24 months.
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