WeWork, a New York operator of co-working facilities, is close to signing a lease for roughly 90,000 square feet at the Gas Co. Tower in downtown Los Angeles, according to sources with knowledge of the deal.
Brookfield Office Properties Inc., downtown’s largest landlord and owner of the 1.3 million-square-foot Class A office building at 555 W. Fifth St., declined to comment, and the terms of the deal could not be determined.
It is expected that WeWork will use the Gas Co. Tower location for its core business: renting co-working spaces to small companies and self-employed individuals. Company officials declined to comment.
The firm already has several co-working offices in Los Angeles, including a 44,500-square-foot space in the historic Fine Arts Building, 811 W. Seventh St., it leased last year in a 15-year deal. WeWork also takes 40,000 square feet at 520 Broadway in Santa Monica, where the Business Journal maintains a desk.
Its first L.A. lease, signed in 2011, was for 35,700 square feet at 7083 Hollywood Blvd. in Hollywood. According to WeWork’s website, the company plans to open another location at 312 Arizona Ave., a 30,000-square-foot mixed-use building near the Third Street Promenade in Santa Monica. It is not clear how much space the firm will take at that location.
Carl Muhlstein, Hayley Blockley and Christian Kasparian of Jones Lang LaSalle Inc.’s downtown Los Angeles office are the leasing agents for the Gas Co. Tower. The brokers declined to comment on the lease, which sources said is expected to close next week.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Design Firm’s Relocation Highlights Creative Draw of Submarket
- New York Co-Working Space Signs Large Santa Monica Lease
- WeWork Signs 78K SF Downtown Lease
- Shared-Office Firm Finds Space in Santa Monica
- WeWork Accelerates LA County Expansion
- Wilshire Grand Offices Set to Ink Tenant
- Co-Working Finds Space in Tech Scene
- WeWork Woes Could Hit LA