WeWork inks 75K sf lease at Worthe’s Tower Burbank

Expansion marks WeWork's 12th location in Los Angeles County

Jan.January 20, 2017 08:30 AM
Miguel McKelvey and Adam Neumann of WeWork and the Tower Burbank

Mega startup WeWork’s manifest destiny has reached the Valley with a 75,000-square-foot lease signed in Burbank.

The co-working company inked a deal to take four stories in Worthe Real Estate Group’s Tower Burbank tower at 3900 West Alameda Avenue, and expects to open its doors there in April, the company told The Real Deal.

Details of the lease could not be determined, but average fourth-quarter Class A asking rates in Burbank were $3.15 per square foot, according to Cushman & Wakefield. That would value the lease at $2.8 million a year.

The 31-story Class A office building will play host to WeWork’s 12th location in Los Angeles County, Jon Slavet, general manager for WeWork West, said in a statement.

Other L.A. WeWork locations include Long Beach, Pasadena, Playa Vista and Santa Monica.
The co-working company, which has a $16.9 billion valuation, signed a deal for a 64,000-square-foot lease at 10250 Constellation Boulevard in Century City just last month.

Worthe acquired Tower Burbank for $109 million in 2012. The company, helmed by Jeff Worthe, renovated the 498,400-square-foot property in 2015.

WeWork will be joining tenants such as Vubiquity, Walt Disney Company and STX Entertainment. The building is 55.3 percent leased, CoStar shows, but it is unclear if WeWork’s new lease factored into that figure.

Todd Doney and Doug Marlow of CBRE represented the landlord.

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