WeWork Expands in LA with More to Come
Shared office space trailblazer WeWork has signed a 10-year lease for about 40k SF in Santa Monica. The lease comes as WeWork is reportedly near a $6B valuation.
Its the second LA lease in the last month or so for the collaborative office landlord. And Bisnow's market sources say the company is close to signing a lease for another 20k to 30k SF in DTLA shortly. Reports have the lease at Broadway Plaza in Santa Monica worth about $24M. WeWork co-founder Adam Neumann (pictured) has been pushing to grow the company, which began in New York, but then took DC by storm, and seemingly hasn't looked back.
Though WeWork is now the largest company at the Broadway building, it will join other high-profile tenants, including Microsoft. Building owner Vornado now has the building nearly leased up, less than two years after buying it. WeWork will occupy two floors. This lease follows a November deal that had WeWork pick up nearly 45k SF at the Fine Arts Building in Downtown. The company began its LA expansion in 2011 in Hollywood.
WeWork, also founded by Miguel McKelvey (snapped at our DC Creative Summit this year), rents desk space and offices to groups of various sizes. The company is most known for renting to tech firms. Here is everything you need to know about coworking.