WeWork signs another LA lease for more than 75K sf in Playa Vista

Los Angeles /
Apr.April 04, 2016 01:00 PM

WeWork’s Los Angeles expansion is continuing at an aggressive clip.

The New York-based operator of coworking space has signed a lease for at least 75,400 square feet in Playa Vista, The Real Deal has exclusively learned. And it doesn’t end there. WeWork has two other L.A. outposts planned in Pasadena and Culver City.

WeWork is moving into Hudson Pacific Properties’ Playa Vista project at 12655 West Jefferson Boulevard, dubbed the Landing, at an unknown date. A spokesperson for WeWork said the company is excited about expanding to Playa Vista but declined to comment on details. 

Hudson, which recently signed Netflix to the entirety of its Icon project in Hollywood, did not respond to requests for comment.

Jeffrey Pion and Michelle Esquivel of CBRE brokered the deal, which was signed last month, according to CoStar.

Hudson bought the 96,000-square-foot office building, then called the Marina Corporate Center, for $38 million in 2014. Its only other tenant is Dentsu Aegis Network, which takes 20,000 square feet, according to CoStar. Asking rent at the property is $4.50 a square foot a month. 

WeWork’s website announces two other major L.A. expansions into new markets. It will move into the building at 5782 West Jefferson Boulevard in Culver City, and the property at 177 East Colorado Boulevard in Pasadena. Details of those leases are not yet known.

WeWork has been relentless with its expansion plans in the area. It signed its first L.A. lease in 2011 for 35,700 square feet at 7083 Hollywood Boulevard in Hollywood. Last year, it signed for roughly 90,000 square feet at the Brookfield-owned Gas Company Tower in Downtown Los Angeles at 555 West 5th Street. It also has a 44,500-square-foot space in Downtown’s  historic Fine Arts Building at 811 West 7th Street, which it leased in 2014 for a 15-year term.

On the Westside, WeWork takes 40,000 square feet at 520 Broadway in Santa Monica, and recently opened a second office in that city, taking roughly 30,000 square feet on the coveted Third Street Promenade at 312 Arizona Avenue.

WeWork, which is valued at $16 billion, is not only expanding in L.A. The company recently announced plans to expand to India, Mexico City, and Seoul, in addition to aggressive expansion plans in the U.S.

The firm manages 80 shared offices in 23 cities, including Shanghai, Berlin, Amsterdam, and Tel Aviv. In New York alone, the firm manages nearly 3 million square feet of space. Last year, the company was on track to open 40 new work spaces and aimed to add 336 more by 2018, according to leaked investor presentation.

Meanwhile, the company is developing a new vertical called WeLive, a shared living dormitory venture.

Cathaleen Chen contributed to this report.

 

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