WeWork signs another lease in Downtown LA

The firm will occupy 4 floors at 1031 South Broadway

Los Angeles /
Feb.February 14, 2019 12:00 PM
Adam Neumann and 1031 South Broadway (Credit: Getty Images and LoopNet)

In what appears to be a never-ending expansion, WeWork has inked a new lease in Downtown Los Angeles.

The co-working giant will occupy about 78,000 square feet, or four floors, at 1031 South Broadway, the company said Wednesday.

WeWork’s new location, part of a revitalized Broadway that will include an Apple retail store about two blocks away, will open in the fall and accommodate up to 1,370 members.

Dubbed Western Pacific, the 250,000-square-foot office building on Broadway is currently undergoing a renovation. Once completed, the building, built in 1925, will include a gym, locker rooms, retail and a tenant lounge, according to marketing materials.

The news comes on the heels of another lease deal nearby.

WeWork has closed a deal to partially occupy Hudson Pacific Properties’ Maxwell project in the Arts District, with plans to take over the remaining project soon. Combined, the office redevelopment spans 100,000 square feet.

The firm is also close to inking its first deal in Beverly Hills. The Real Deal reported earlier this month that the company will be occupying the entire former Creative Artists Agency at 9830 Wilshire Boulevard.

WeWork also recently announced a new 116,000-square-foot location in Santa Monica.

Its rapid expansion comes at a time when its main investor, SoftBank, has drastically reduced its funding for the firm. The Japanese conglomerate had plans to invest $16 billion in the We Company, but later dropped that to $2 billion. Softbank has committed $10 billion to WeWork since 2017.


Related Articles

arrow_forward_ios
Pacific Design Center’s Green Building, WeWork’s Elton Kwok, FabFitFun’s Michael Broukim. (Pelli Clarke Pelli Architects, WeWork, FabFitFun)
WeWork keeps focus on larger, “enterprise” tenants
WeWork keeps focus on larger, “enterprise” tenants
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
Photo illustration of Phillip Aarons and a rendering of the project (Patrick McMullan/Getty)
Hollywood megaproject along active fault line faces another test
Hollywood megaproject along active fault line faces another test
Adam Neumann and the “Guitar House” in in Corte Madera (Getty, Realtor)
Adam Neumann gets $22M for California estate
Adam Neumann gets $22M for California estate
925 N. La Brea Avenue with CIM Group’s Shaul Kuba and WeWork’s Sandeep Mathrani (Google Maps, Getty/Illustration by Alexis Manrodt for The Real Deal)
WeWork exits CIM Group’s Hollywood complex
WeWork exits CIM Group’s Hollywood complex
The Grand, Eighth & Figueroa, and 945 W. 8th (Related, Johnson Fain, L.A. Department of City Planning, Getty)
DTLA vacancy rates rose across all property types in 2020
DTLA vacancy rates rose across all property types in 2020
Brookfield Property Partners CEO Brian Kingston and the Gas Company Tower at 555 West 5th Street (Brookfield)
Brookfield lines up $465M refi for Gas Company Tower in DTLA
Brookfield lines up $465M refi for Gas Company Tower in DTLA
Experts warn that the pandemic will bring a surge in evictions and put more people at risk of becoming homeless. (LACC)
LA mulls using Convention Center as temporary homeless shelter
LA mulls using Convention Center as temporary homeless shelter
arrow_forward_ios

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

Loading...