Co-Working company Spaces has signed a 69,208-square-foot lease for the Water Garden in Santa Monica, CBRE Group Inc. and J.P. Morgan Asset Management announced Jan. 29. The lease value was not disclosed.
The Water Garden is owned by investors advised by J.P. Morgan Asset Management. CBRE’s Daniel Rainer represented Spaces. CBRE’s Amanda Calof, Patti Gilbert and Pat McRoskey represented the landlord in the transaction.
“Water Garden is one of the premier assets in Los Angeles,” Rainer said in a statement. “The thriving green campus is a perfect fit for Spaces. This is their first co-working location in the Santa Monica Media District, a submarket featuring one of the densest tenant rosters of top tech, media and production companies.”
Spaces is expected to move in during the fourth quarter. The lease is for 10 years.
The average Class A asking rate in Santa Monica during the fourth quarter of 2018 was $6.30 per square foot, according to data from Jones Lang LaSalle Inc. That would put the lease value at roughly $52 million.
Spaces is owned by IWG.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Spaces Takes Santa Monica, Pasadena Leases
- 71K SF Leased by Co-Working Company, Real Estate Firm in Pasadena
- WeWork Opening New 116K SF Space in Santa Monica
- Figs Leases New HQ in Santa Monica
- Advisory Firm Nova Capital Off to Strong Start
- Radiology Partners Signs $33M Lease in El Segundo
- Radiology Partners Signs $33M El Segundo Lease
- COMPLEX---Sale of Water Garden II Complex Falls Apart