Co-working giant WeWork is expanding its footprint in the San Fernando Valley.
The firm signed a lease for 40,000 square feet at 5161 Lankershim Boulevard in North Hollywood, the Commercial Observer reported. Building owner Beacon Capital Partners purchased the 197,000 square-foot office for $69 million in 2017.
WeWork plans to open the space in the summer for up to 600 people. Last July, animation studio Bento Box Entertainment signed a 27,300 square-foot lease in the same building.
WeWork has rapidly continued to pick up space this year to add to its massive Los Angeles footprint. Just this month, the firm igned a 78,000 square-foot lease at 1031 South Broadway in Downtown; a 70,000 square-foot lease at 9830 Wilshire Boulevard in Beverly Hills; and a 60,000 square-foot lease at Hudson Pacific’s Maxwell project at 405 Mateo Street in the Arts District.
North Hollywood has seen a spurt of recent activity in both residential and commercial real estate. The Delijani family is moving forward with a 179-unit project set for 10850 West Riverside Drive. And in December, Faux Library Studio Props signed a lease for almost 90,000 square feet on Hart Street.
Developer Edgar Zalyan also wants to build a 37-unit, five-story building near Lankershim Boulevard. He purchased the property for $1.2 million in July. And last month, Trader Joe’s signed a lease for almost 16,000 square feet at the former Laurel Plaza Shopping Center in North Hollywood. [Commercial Observer] — Gregory Cornfield