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.
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.
[CO] — Dennis Lynch