WeWork signs lease for two floors at One Culver
LBA Realty is developing the under-construction site at 10000 Washington Boulevard
WeWork, the co-working startup dominating headlines and gobbling up office space, has inked 60,000 square feet of space at LBA Realty’s One Culver at 10000 Washington Boulevard, The Real Deal has learned.
The company would take over the fifth and sixth floors of the under-construction site, according to sources. The deal marks WeWork’s 16th location in Los Angeles and second in Culver City.
WeWork, led by Adam Neumann and Miguel McKelvey, will join Equinox at the site. TRD reported that the luxe gym had signed a 20-year deal for 32,000 square feet at the property in August — its 18th location in L.A.
Once completed, the former Sony Studios Plaza will feature 300,000 square feet of office space and roughly 65,000 square feet of retail. The Gensler-designed property is expected to open in the first quarter of 2018.
LBA Realty could not be reached for comment. WeWork did not immediately return requests for comment, although a representative did confirm in October that the company was in talks to lease at One Culver.
The co-working startup, which has a controversial $20 billion evaluation, has been expanding at full force recently, moving beyond its traditional workspace offering to other industries, including education and fitness. There is also speculation the New York-based firm is preparing to launch into retail prior to its much-anticipated initial public offering.
WeWork’s expansion into Culver City is not unprecedented – the neighborhood has been attracting an influx of new development and tenants recently. Amazon recently announced it will be relocating from Santa Monica to Hackman Capital Partners’ Culver Studios, which is set to see a major expansion in the coming years. The neighborhood will also welcome boutique hotelier Palihotel to Downtown Culver City next fall.