WeWork inks 64K sf lease in Century City: sources

Deal is valued at more than $46M

TRD LOS ANGELES /
Dec.December 06, 2016 04:00 PM
Constellation Place at 10250 Constellation Boulevard, its lobby and WeWork founder Adam Neumann
Constellation Place at 10250 Constellation Boulevard, its lobby and WeWork founder Adam Neumann

Updated, Wednesday, December 7th, 2016, 11:37 a.m.: WeWork, which has a $16.9 billion valuation, is expanding to its 12th location in Los Angeles.

The prolific co-working company recently inked a 64,000-square-foot lease at a Class A office building in Century City, according to multiple sources.

The 15-year lease with landlord JMB Financial Advisors for space at 10250 Constellation Boulevard is at a rate of $4 per square foot a month, sources told The Real Deal. It amounts to a value of more than $46 million.

L.A. Realty Partners’ Hunt Barnett and Gary Weiss were the listing brokers, according to CoStar, but they declined to comment on the details of the lease. WeWork represented itself in the deal, which was a long time in the works, according to sources with knowledge of the lease who were not directly involved.

Dubbed Constellation Place, the building was developed by JMB, which is based in Chicago. The firm also manages the roughly 800,000-square-foot building. It is about 93 percent occupied, according to CoStar, and houses tenants mostly in the corporate, financial or entertainment fields. Its biggest tenant is ICM Partners, an entertainment agency.

WeWork has seized L.A.’s co-working market with full force over the past two years. In April, the company signed on for at least 75,000 square feet at Hudson Pacific Partners’ Playa Vista project, called the Landing, at 12655 West Jefferson Boulevard. Around the same time, it also announced expansions in Culver City and Pasadena.

Its debut in L.A. was in 2011, with a 35,700-square-foot space at 7083 Hollywood Boulevard in Hollywood.

The firm declined to comment on its most recent lease.

“We are always looking for new communities, and are committed to L.A., but have no announcements to share at this time,” a representative of the company told TRD in an emailed statement.

WeWork is expected to move into its new office in spring 2017.

Correction: An early version of this story listed WeWork’s valuation at $16 billion. It is $16.9 billion. 


Related Articles

arrow_forward_ios
WeWork’s Adam Neumann and Onni Group President Rossano de Cotiis with a rendering of Wilshire Courtyard (Credit: Getty Images and Michael Maltzan Architecture)

Onni inks lease with WeWork after closing on massive Wilshire Courtyard purchase

Adam Neumann, Arash Gohari, and one of their new offices in Santa Monica

Headquarters by WeWork expands into LA; adds to NY locations

Former UCLA coach charged in admissions scandal lists Century City home

The end is near: Woodridge starts marketing Century Plaza condos after delays

David Ellison’s Skydance buying Santa Monica office campus for $350M: sources

WeWork signs 40K sf lease in North Hollywood

WeWork signs another lease in Downtown LA

WeWork expands its portfolio with first Beverly Hills lease: sources

arrow_forward_ios