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The Real Deal Los Angeles

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
By Natalie Hoberman | July 23, 2018 03:00PM

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.