Co-working firm NeueHouse takes over lease from Snap Inc. in Venice

The social media giant vacated the neighborhood last year and has been struggling to sublease its 163K sf

Apr.April 26, 2019 12:00 PM
NeueHouse CEO Josh Wyatt and the building
NeueHouse CEO Josh Wyatt and the building

Co-working firm NeueHouse is moving into Venice, taking over a lease from Snap Inc. after the social media company vacated the neighborhood last year, The Real Deal has learned.

NeueHouse will move into 73 E. Market Street, one of the two planned Los Angeles locations for the New York-based firm. It already has space at 6121 Sunset Boulevard.

A listing brochure for the Venice location describes it as 11,531 square feet across two floors. The location is part of the 14-building portfolio that Snap put on the market for sublease when it pulled up roots and moved to Santa Monica last year. Only about a fifth of that office space was leased by January 2019.

The owner of the nearly century-old property is Venice resident and filmmaker Gerard “Tony” Bill, who directed 1973’s “The Sting” with Paul Newman. And for decades, tenants at the building used it for film production and post-production, according to the brochure.

NeueHouse announced its Los Angeles expansion late last year after a $30 million funding round. It said it would move into Venice and Downtown but did not say specifically where it would open. On Thursday, it applied for a liquor license at the Venice space, city records show, and provided the address. The DTLA location is still not known.

Andrew Jennison of Industry Partners had the listing, but declined to comment on the terms of the deal. NeueHouse also declined to comment.

The listing brochure for the space said it was asking for a base rental rate of $5.75 per foot plus $0.19 per foot in triple-net charges. The term advertised was five to 10 years.

SnapChat had acquired a triple-net leasehold of the building in December 2013, property records show.

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