WeWork nearing deal at Hudson Pacific’s Maxwell project in Arts District: sources
Lease would mark WeWork's first location in the area, and 20th in L.A.
Coworking giant WeWork is close to signing a deal to occupy the entire Maxwell redevelopment project in the Arts District, which would total about 100,000 square feet across two buildings, The Real Deal has learned.
The deal would be WeWork’s 20th location in Los Angeles, as it continues its nationwide expansion tear. And it would be the first foray into the Arts District for the coworking firm.
Developer Hudson Pacific Properties reactivated the 1924-built Maxwell Coffee Building at 405 Mateo Street into a five-story creative office building, complete with a rooftop deck and ground-floor commercial space. The firm is also building an eight-story parking structure nearby at 1003 East Fourth Place, which will include 39,000 square feet of office space above five floors of parking.
Representatives for WeWork, Hudson Pacific Properties and CBRE, which is handling leasing at the site, declined requests for comment. Five commercial industry sources confirmed the move to Maxwell, while two confirmed the coworking company was taking over both buildings.
Designed by Ware Malcomb, the repurposed space on Mateo Street retains its historical architectural features like wood-stamped concrete ceilings and a brick facade. It also includes operable steel-frame windows, electronic vehicle charging stations and ground-floor retail space.
Architects Orange designed the ground-up development, which is expected to be completed in July, sources said.
Hudson Pacific also recently leased its other redevelopment project in the Arts District, Fourth & Traction. Online coupon company Honey signed a deal to ink the entire 130,000-square-foot space, once used as a Coca-Cola manufacturing plant.
The Arts District is a revitalizing area that has been attracting major tenants like Spotify and Warner Music. The venture-backed co-working firm, whose parent company recently underwent a rebrand, also has two locations in Downtown Los Angeles, as well as a handful on the Westside.