UPDATED, Thursday, February 22, 2018, 6:25 p.m.: The Italian investment and development firm Est4te Four has signed a lease to open Spring Place, a co-working membership club, in Beverly Hills, The Real Deal has learned. It will occupy roughly 40,000 square feet across two adjacent buildings, located at 9800 Wilshire Boulevard and 121 S. Spaulding Drive, in Beverly Hills’ Golden Triangle.
The company already has one location in Manhattan and has purchased property for another future location in the Arts District.
Est4te Four’s Beverly Hills space will feature an open floor plan with common areas where “creative members can collaborate,” said its founder, Alessandro Cajrati Crivelli.
The firm is renovating the three-story buildings, which now include a rooftop terrace with a garden.
It is expected to open in early summer.
The two buildings are owned by billionaire investor Alec Gores of the Gores Group. Gores will continue to occupy roughly 15,000-square-feet office at 9800 Wilshire. The private equity firm acquired the building from entertainment law firm Liner Grode Stein for $24 million in 2012, property records show. A spokesman for the Gores Group confirmed the deal with Est4te Four.
Gores listed the property for a long-term sublease late last year. Asking rates were $6.50 per square foot, according to marketing materials.
Bob Safai and Tony Ranger of Madison Partners had the listing. Calls for comment were not returned.
In Manhattan’s TriBeca neighborhood, Est4te Four’s Spring Place at 5 St. Johns Lane is outfitted with boardrooms, a pop-up restaurant, a bar, music room and communal work space. That space, at 140,000 square feet, is more than three times the size of the Beverly Hills location.
For individual members, Crivelli said rates at the firm’s Beverly Hills outpost will vary. In New York, space with a dedicated desk costs someone $2,000 per month, while access to any desk runs to $750 per month. There is also a mandatory initiation fee of $1,000 for all members.
Applicants also have to be vetted for membership.
“We care about people being nice,” Crivelli said. “It’s not a word you see often as a criterion of discrimination, but we like nice people. We’re exclusive, but we’re not financially exclusive.”
Est4te Four has also purchased the former Challenge Cream and Butter factory at 929 E. Second Street in the Arts District in hopes of turning it into another Spring Place. The company paid $21.6 million for the 45,000-square-foot warehouse in 2016, records show. For that property, its plans are to add another 64,000 square feet for a restaurant, retail space, artist studio, private club and automated parking garage.
“We have a lot of people in the European fashion industry [who] are very keen to have a presence in Los Angeles,” he said. “Los Angeles is a growing city. For Beverly Hills, this will be extremely important.”