Shared Space: WeWork’s new location at 3000 Olympic Blvd. in Santa Monica.

Shared Space: WeWork’s new location at 3000 Olympic Blvd. in Santa Monica.

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WeWork signs 116K SF lease in Santa Monica

WeWork Cos. Inc. has signed a lease for more than 116,000 square feet in Santa Monica.

The location, at 3000 Olympic Blvd., will be called WeWork Lantana. It is scheduled to open in summer 2019. The value of the lease was not disclosed. The average asking space for a Class A office building in Santa Monica is $6.30 a square foot, according to data from Jones Lang LaSalle Inc., which would value the lease at approximately $8.8 million a year.

The new space will be able to house 1,100 individuals, according to WeWork.

The co-working company has 19 other locations in Los Angeles that take up roughly 1.2 million square feet, according to data from CBRE Group Inc.

WeWork already has locations in Santa Monica at 312 Arizona Ave. and 520 Broadway.

WeWork is not the only co-working company rapidly expanding in Los Angeles – and in Santa Monica specifically.

CBRE announced in January that IWG-owned Spaces signed a lease for nearly 70,000 square feet in Santa Monica. The company also took a nearly 49,000-square-foot lease in Pasadena last month.

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Transwestern names region president

Real estate firm Transwestern has named Chip Clarke as president of Transwestern Commercial Service’s west region. Clarke will oversee the group’s operations in California, Arizona, Colorado, Nevada, Utah and Washington.

“The West Region presents sizable opportunities for our firm, requiring a proven leader who empowers teams, drives innovation and anticipates client needs,” Tom Lawyer, Transwestern Commercial Services’ president, said in a statement. “Chip believes in the value of Transwestern’s integrated, client-centric service approach, and his leadership is vital as we focus on growing our presence throughout the west.”

Clarke has been at Transwestern for almost 30 years.

Staff reporter Hannah Madans can be reached at hmadans@labusinessjournal.com or (323) 556-8337.

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