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

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

TRD LOS ANGELES /
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.


Related Articles

arrow_forward_ios
Bellwether Enterprise Real Etate Executive Vice President Tom Kenny and Talaria at Burbank

PGIM inks $127M mortgage for Burbank mixed-use complex near Warner Bros. Studios

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

LaTerra drops 15-story hotel tower from sprawling mixed-use project in Burbank

Burbank gives green light to massive business park project

Burbank tower occupied by New York Film Academy lists for $40M

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

Video game developer renews 42K sf lease in Burbank

arrow_forward_ios