WeWork signs another lease in Downtown LA

The firm will occupy 4 floors at 1031 South Broadway

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.

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