Spaces signs deal for new location at Univision building in West LA

The co-working company's new lease follows a similar announcement from WeWork

TRD LOS ANGELES /
Jul.July 23, 2018 03:00 PM
IWG exec Mark Dixon with the property

Co-working firm Spaces signed a deal for 66,300 square feet at the Univision building in Westchester, as it continues to expand in Los Angeles.

This time it has targeted the Westside.

The deal, which the Dutch firm announced Monday, is its ninth location in L.A.

Spaces will be opening its latest outpost at the recently renovated, five-story office building at 5999 Center Drive, which is owned by CBRE Global Investors.

CBREI paid Spanish broadcaster Univision $102 million for the 174,000-square-foot property in 2016, The Real Deal reported. Univision then inked a deal to lease back 105,000 square feet, or 60 percent of the property, until 2026.

In a multimillion-dollar revamp, CBREI repositioned the building from a single-tenant space into one better suited for multiple tenants, allowing for flexible work space, the company said in a release. Amenities at the newly-renovated site include an outdoor deck and patio, recreational areas and wifi connectivity throughout.

Daniel Rainer at CBRE represented the co-working firm. Bryan Dunne, also at CBRE, and Kent Handleman at Lincoln Properties represented the landlord.

Spaces, which is owned by office workplace giant IWG plc, better known for its Regus brand, has been on an expansion tear in the last few years. With a goal of opening eight locations in the first quarter of 2018, the firm recently added a 61,000-square-foot deal in Hollywood, and a 33,400-square-foot office in downtown L.A.

Combined, its total footprint is now up to nearly 389,000 square feet in the region.

The deal comes a week after WeWork announced a new lease in Playa Vista, two miles from Spaces’ new location. WeWork’s lease for two floors at 12130 Millennium Drive marks its 18th location in L.A., and doubles its footprint in Playa Vista.


Related Articles

arrow_forward_ios
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!
From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Rexford Industrial adds to LA portfolio with $100M in acquisitions
Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more
3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Luzzatto Co. assembling creative office hub in West Adams
Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

Faring makes $30M assemblage play on WeHo/LA border
From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

Graymark, Nuveen pay $97M for El Segundo creative office
arrow_forward_ios

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

Loading...