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

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.

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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.