L.A.-based Souferian Group, helmed by Behzad Souferian, no longer kneads your business.
The landlord just closed a full-floor lease deal with Soothe, an app-based on-demand massage company, bringing occupancy at its 1800 North Highland Avenue office property to 100 percent. The tech company’s expanded operations will occupy the entire sixth floor, or roughly 12,800 square feet, of the seven-story, 88,000-square-foot Class A office building in Hollywood’s entertainment district.
The company’s five-year lease is valued at roughly $3.6 million, based on asking rent data from CoStar Group. Michael Arnold of Newmark Grubb Knight Frank represented the Souferian Group in the transaction. Soothe was represented by Scott Steuber and Jeff Vertun of Avison Young.
The lease-up comes almost exactly one year after Souferian bought the building, then 86 percent leased, from CIM for $45 million, or $511 a square foot. The Souferian Group is planning to introduce a hospitality-meets-office brand concept at the property, which is also home to music giant Live Nation and Sean Combs’ music cable network Revolt TV, later this year.
“Creative office spaces are now the norm and yesterday’s promise,” Souferian said in a statement. “We are cultivating the next chapter of office environments with unprecedented offerings that translate into value.”
Before founding his namesake firm, Souferian was vice president of real estate for Sam Nazarian’s SBE Entertainment Group. He has since partnered with the nightlife giant on several projects, the Camden apartments in Hollywood, co-developed with Camden Property Trust.
“In Hollywood, we’re noticing more than a demographic shift in the types of tenants that are moving in,” he said in an email to TRD. “Rather, we’re seeing a change in mindset of those who are drawn to unique product offerings. Soothe was drawn to 1800 N. Highland because the tech company recognizes the synergy and cutting edge vision we have for this office environment.”
Launched in 2013, Soothe is a Los Angeles-based on-demand massage service that delivers massages to customers’ homes, hotels and offices — most likely including the one where it just inked a lease.