The Real Deal Los Angeles

Spaces division of Regus takes 30K sf across from Original Farmers Market

Spaces paid $15M for 10-year lease with A.F. Gilmore
January 29, 2016 03:51PM

Farmers Market

The Original Farmers Market in the La Brea district

Co-working company Regus has signed a 10-year lease in West L.A.’s La Brea district valued at more than $15 million for its new “Spaces” division.

It will take 29,800 square feet at 145 South Fairfax Avenue, across the street from the Original Farmers Market and the Grove. The office will be used for a co-working operation that caters to creative and entrepreneurial occupants. It will have a large outdoor patio overlooking the Farmers Market.

The Spaces division is based in the Netherlands. This will be its first location in Southern California, and it plans to expand to more locations on the Westside.

“Los Angeles is a natural fit for our U.S. expansion, and we look forward to supporting the entertainment, media and creative firms that make up the city’s business landscape,” Simon Moore, senior director of Spaces, said in a release.

CBRE’s Danny Rainer represented Spaces in the lease deal. Rob Waller and Patrick Amos represented the landlord, a subsidiary of the A.F. Gilmore Co., which purchased the property in 2013 and recently completed a full renovation catering to creative tenants. A.F. Gilmore also owns the Original Farmers Market, the land master-leased to the Grove and the adjacent Gilmore.

The number of co-working spaces in office markets around the country is likely to rise this year as more companies, including Fortune 500 enterprises, take space in them, according to a recent report by CBRE, which said the co-working sector has a five-year compound annual growth rate of 21 percent.

Companies are attracted to the flexibility of the model and lower costs as average office asking rents have been on the rise nationally, according to CBRE’s report. –
Hannah Miet