Onni inks lease with WeWork after closing on massive Wilshire Courtyard purchase

The Canadian developer was said to have paid around $630M for the complex
By Natalie Hoberman | July 16, 2019 05:00PM

WeWork’s Adam Neumann and Onni Group President Rossano de Cotiis with a rendering of Wilshire Courtyard (Credit: Getty Images and Michael Maltzan Architecture)

WeWork’s Adam Neumann and Onni Group President Rossano de Cotiis with a rendering of Wilshire Courtyard (Credit: Getty Images and Michael Maltzan Architecture)

UPDATED, July 17, 8:33 a.m.: Onni Group closed on the 1 million-square-foot Wilshire Courtyard complex, and has chosen a high-profile first tenant.

The company signed co-working giant WeWork to four floors at 5750 Wilshire Boulevard, one of two buildings in the sprawling campus. WeWork announced the deal Tuesday.

It remains unclear how much Vancouver-based Onni paid seller Tishman Speyer for the office campus. Natixis provided the developer a $550 million loan to fund the purchase, which The Real Deal reported in June. The purchase price was reportedly close to $630 million.

WeWork’s newest 135,000-square-foot lease in Miracle Mile marks its first in the neighborhood, and its 30th in Los Angeles. The company recently expanded in the Pacific Design Center in West Hollywood, where it offers podcast recording studios and makeup rooms. As of the first quarter, the firm’s footprint in the L.A. had grown to 2 million square feet.

Similarly, Onni has also been rapidly growing in the region. Its latest purchase comes as the firm is also expanding in Orange County. There, Onni recently paid $97 million to acquire an 8.6-acre office and retail complex, dubbed Ocean Plaza.

But Onni’s biggest push by far has been in Downtown L.A., where it’s building upwards of 4,000 residential units. It recently got the green light to build a 60-story tower at 1000 S. Hill Street, which is a block away from another Onni tower that opened late last year.