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

Los Angeles /
Jul.July 16, 2019 05:00 PM
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.


Related Articles

arrow_forward_ios
WeWork CEO Sandeep Mathrani and WeWork Lantana at 3000 Olympic Boulevard in Santa Monica (WeWork, Illustrtaion by The Real Deal with Getty)
WeWork, L.A. Chamber link for back-to-office push
WeWork, L.A. Chamber link for back-to-office push
Joel Schreiber, Barry Sternlicht and 801 South Broadway (Google Maps, Cmichel67/CC BY-SA 4.0/via Wikimedia Commons)
Starwood entity looks to foreclose on Broadway Trade Center
Starwood entity looks to foreclose on Broadway Trade Center
Joel Schreiber and 801 South Broadway (Google Maps)
WeWork’s first investor in grind on DTLA’s Broadway Trade Center
WeWork’s first investor in grind on DTLA’s Broadway Trade Center
5350 Wilshire Boulevard and Onni Group Founder Innocenzo De Cotiis (Onni Group, Google Maps)
Onni Group buys Miracle Mile retail for multifamily development
Onni Group buys Miracle Mile retail for multifamily development
Onni Group picks up Hollywood office property with big potential
Onni Group picks up Hollywood office property with big potential
Onni Group picks up Hollywood office property with big potential
Onni Group wants apartments in place of Long Beach strip mall
Onni Group wants apartments in place of Long Beach strip mall
Onni Group wants apartments in place of Long Beach strip mall
Onni pays $136M in Burbank retail play
Onni pays $136M in Burbank retail play
Onni pays $136M in Burbank retail play
WeWork looks to fill 350K sf of vacant LA office space
WeWork marketing 350K sf of LA office space
WeWork marketing 350K sf of LA office space
arrow_forward_ios

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

Loading...