Weedmaps is coming to the Arts District.
Ghost Management Group, an Irvine-based technology firm that runs the website weedmaps.com and offers technology services to several cannabis brands, has signed a 115,000 square foot office lease at the ROW DTLA at 767 Alameda St. in the Arts District. The lease is for the top three floors of the building.
The value of the lease was not disclosed. Average asking rent for downtown during the first quarter of the year was $3.75 a square foot, which would put the value of the lease at more than $5 million a year.
CBRE Group Inc.’s Chris Penrose, Jeffrey Pion and Michelle Esquivel represented the landlord in the transaction. Newmark Knight Frank’s Ryan Harding and Mark Gardner represented the tenant.
ROW DTLA has nearly 2 million square feet of space spread across six buildings. It has 65 spots for retail and restaurant operations and 1.3 million square feet of creative office space.
It’s been a busy time for the Arts District. In April, Warner Music Group’s parent company announced that it purchased a former factory in the Arts District for $195 million.
Warner Music, owned by New York-based Access Industries Inc., had recently moved into the building. Prior to moving into the building, Warner Music’s West Coast operations were based in Burbank.
Spotify Technology, Honey and WeWork Companies Inc. have all recently signed leases in the Arts District as well.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans