Eyewear maker Stoggles Inc. has signed a creative office lease in Hollywood. The property, at 1622 N. Highland Ave., was recently renovated by Brickstar Capital.
Stoggles signed for 6,692 square feet at the project. The company is expected to move into the space later this year, relocating from its current offices in Pasadena.
The space will be used for Stoggles’ operations, design and development. Stoggles is planning to grow and recently raised $40 million in growth equity.
The funding was led by Santa Monica-based Chernin Group, an investment firm focused on media and tech consumer brands. Last year Stoggles generated more than $13.5 million in revenue.
The funding is expected to help the team grow.
“Our team is growing, and this is the ideal location and building for us to attract the top talent in the industry,” Max Greenberg, Stoggles’ co-founder, said in a statement.
CBRE Group Inc.’s Taylor Watson and Brad Chelf represented Stoggles and the landlord in the lease. Lev Properties advised Brickstar, which purchased the property in 2019.
“We’re honored to have represented such a promising group of creators at Stoggles, and to help find them a perfect match in a property owned by a group that is so committed to the area and success of their tenants,” Watson said in a statement.
The Hollywood office market has been improving. During the fourth quarter, the area saw vacancy rates of 29.2%, down from 30.9% the previous quarter, according to data from Jones Lang LaSalle Inc.
During the quarter the asking rent for Class A properties was $5.21 a square foot, up 3 cents over the previous year and quarter.
The fourth quarter also saw 331,151 square feet of net absorption, far above the negative net absorption seen in 2020, according to JLL data.