The Real Deal Los Angeles

Regus’ co-working division “Spaces” signs another Los Angeles lease

Lease for 29K sf valued at more than $23M

March 04, 2016 04:00PM
By Hannah Miet

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730 Arizona Ave

The office building at 730 Arizona Avenue in Santa Monica

Co-working company Regus has signed a 10-year lease in Santa Monica valued at more than $23 million for its new “Spaces” division. The lease, for 28,822 square feet at 730 Arizona Avenue, is the second the Netherlands-based company has signed this year.

Spaces will take the entirety of the building, owned by landlord Palisades Capital Partners, according to CoStar Group. Palisades bought the building for $24 million in September 2015.

CBRE’s Danny Rainer represented the Regus in the transactions.

Spaces signed its first Southern California lease for almost 30,000 square feet at 145 S. Fairfax Avenue, overlooking the Original Farmer’s Market, in late January.

The co-working sector is growing, according to research from CBRE. It has a five-year compound annual growth rate of 21 percent.