WeWork signs yoga retailer to 70K sf at Beverly Hills office

Co-working firm’s 2nd largest deal in LA this year

Los Angeles /
Jul.July 21, 2021 10:18 AM
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)
Alo Yoga founders Danny Harris and Marco DeGeorge with 9830 Wilshire Blvd (Instagram via DeGeorge, The Vendry)

WeWork has signed yoga clothing company Alo Yoga to its entire Beverly Hills office outpost.

Alo Yoga will take 73,000 square feet at the WeWork location at 9830 Wilshire Boulevard, according to Commercial Observer.

The co-working behemoth leased the property in 2019; the building is owned by former Creative Artists Agency executives Michael Ovitz and Robert Goldman. The four-story property is across from the Waldorf Astoria and Beverly Hilton Hotel.]

The Alo Yoga deal is WeWork’s second biggest signing in Los Angeles this year. In June, the company signed FabFitFun to a 55,000-square-foot deal at the Pacific Design Center’s Green Building. The company also exited two office leases this year in L.A. ­— one in the Arts District and another on La Brea Avenue south of Hollywood.

WeWork’s fortunes have been rebounding after a tumultuous 2020. The firm has also been culling its real estate portfolio since its disastrous attempt at an initial public offering in late 2019. It has pivoted marketing toward signing tenants to more space.

The firm’s book-worthy near-collapse led to the ouster of founder Adam Neumann and other high-level executives, and the installation of new leadership, including CEO Sandeep Mathrani.

WeWork’s bloated real estate portfolio did not help it weather the pandemic. Membership levels plummeted and the company ended 2020 having lost $3 billion in the year.

To start this year, the company reported $2 billion in losses in the first quarter. But membership levels and occupancy have improved slightly since then.

WeWork has also dumped locations across the country, including several in Manhattan. As of January, the firm was in talks with potential partners on an IPO via a special-purpose acquisition company.

[CO] — Dennis Lynch 





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