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The Real Deal Los Angeles

Dutch co-working firm inks lease for 48k sf building in Culver City

The 10-year deal is valued at $22M
By Cathaleen Chen | May 25, 2017 12:00PM

Spaces’ new home at 10100 Venice Boulevard (Credit: Loopnet)

Spaces, an an Amsterdam-based co-working company owned by shared office space giant Regus, has inked a 47,700-square-foot lease in Downtown Culver City, sources told The Real Deal.

The company is just the latest in a long line of co-working start-ups to ramp up their presence in Los Angeles, some with varying degrees of success.

Spaces’ new digs span the entirety of a 1985-built property at 10100 Venice Boulevard owned by private investor Varastehpour “Alex” Alireza. Alireza acquired the four-story building in 2013 for $9.9 million, property records show.

The asking rent was about $3.85, valuing the 10-year lease at about $22 million, sources said.

Daniel Rainer of CBRE represented Spaces in the deal. Alireza was represented by Aleks Trifinovic, Tibor Lody, Keith Fielding, Matt Solomon, and Tommy Isola of Lee & Associates.

Spaces, which was acquired by Regus for an undisclosed sum in 2015, has more than two dozen locations worldwide, including an office in West L.A., at 145 S. Fairfax Avenue. Another Spaces property, totaling 24,000 square feet, is slated to open at 730 Arizona Avenue in Santa Monica, according to its website.

Spaces’ expansion comes as one of its competitors appears to be struggling. Real Office Centers, another co-working concept, is reportedly getting the boot from a Santa Monica office building owned by Hudson Pacific Properties over unpaid rent.