More spaces for Spaces: Co-working firm expands in LA
WeWork competitor will launch in El Segundo, Hollywood, Calabasas, Costa Mesa
UPDATED, Friday, May 18, 2:30 p.m: Spaces, which is owned by IWG, will be opening five locations in Los Angeles County this summer, adding to the string of co-working companies that have been setting up shop in Southern California.
The global co-working firm will launch in Calabasas, El Segundo, Costa Mesa and Hollywood, and will add its second location Downtown. It already has outposts in Fairfax, the Row DTLA, Santa Monica and Culver City.
In Calabasas, the firm will operate a 17,000-square-foot facility located on a 20-acre campus at 4500 Park Granada Boulevard. Amenities will include outdoor common areas, on-site cafe, ping pong and a gym.
Spaces signed a lease for a 33,400 square feet at the City National Plaza in Downtown in December. There it will occupy the 18th and 19th floors of the 52-story North Tower skyscraper.
The firm will be taking over the entire three-story building at 1800 N. Vine Street in Hollywood, located one block north of the iconic Capital Records Building.
Spaces, like many of its co-working competitors, offers plug-in ready desks and office suites for individuals or startups seeking flexibility with their office leases. Office landlord IWG, which also owns Regus, acquired the Netherland-based company in 2015, and has been rapidly expanding in the U.S. ever since.
Spaces isn’t the only one trying to compete for L.A’s savvy entrepreneurs and startups. Across L.A. County, co-working firms occupy about 3 million square feet of office space collectively, according to Cushman & Wakefield. This year alone, Cushman expects co-working companies to rent 364,000 square feet more space, with most leases lasting 10 to 12 years.