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

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
Netflix CEO Reed Hastings with the building (Credit: BENOIT TESSIER/POOL/AFP via Getty Images)

Netflix inks giant lease in Burbank for first dedicated animation studio

Netflix inks giant lease in Burbank for first dedicated animation studio
Aerial photo of the Pacific Design Center (Credit: felixmizioznikov/iStock)

Here’s what WeWork and other tenants pay at 1.4M sf Pacific Design Center

Here’s what WeWork and other tenants pay at 1.4M sf Pacific Design Center
The Tower at Burbank at 3900 West Alameda Avenue with Jeffrey Worthe and Blackstone Group President Jonathan Gray (Getty, Google Maps)

Here’s what tenants pay at Blackstone and Worthe’s Tower at Burbank

Here’s what tenants pay at Blackstone and Worthe’s Tower at Burbank
Adam Neumann and the home (Credit: Jackal Pan/Visual China Group via Getty Images and Zillow)

Adam Neumann listing Bay Area “Guitar House” for $27.5M

Adam Neumann listing Bay Area “Guitar House” for $27.5M
Onni Group President Rossano DeCotiis, WeWork CEO Sandeep Mathrani, and Wilshire Courtyard

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment

Onni Group defaults on $400M Wilshire Courtyard loan after WeWork lease amendment
Charles Tourtellotte, Chris Tourtellotte, and a rendering of the project

LaTerra closes $40M dirt deal for big Burbank project

LaTerra closes $40M dirt deal for big Burbank project
Los Angeles skyline (Credit: iStock)

LA office leasing drops in Q4 amid WeWork, tech sector pullback

LA office leasing drops in Q4 amid WeWork, tech sector pullback
CBRE CEO Robert E. Sulentic, and Keller Williams Founder Gary Williams with the Lantana property

Keller cries foul: Brokerage sues CBRE over WeWork lease deal

Keller cries foul: Brokerage sues CBRE over WeWork lease deal
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...