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A company founded by television star and entrepreneur Kim Kardashian leased a 116K SF office building just south of Hollywood Boulevard and Vine Street that formerly housed a WeWork.
In doing so, the company saved the Hollywood building's owner, J.H. Snyder, from going into default on a loan for the building, The Real Deal reported.
Skims, a shapewear company, will occupy all the office space in the building, TRD reported, citing documents filed with the county. City National Bank leases the ground floor of the property.
WeWork moved out last year, exiting a space it was supposed to lease until 2030. J.H. Snyder has been working to sell the building, which appears to be under contract according to the website for JLL, which is marketing the property.
The terms of Skims' lease are unclear, but the lease did inspire City National Bank, the lender on a $50M loan for the building, to give J.H. Snyder an extension through May 2024. The loan was originally set to mature on March 1, 2024, TRD reported.
Skims' office growth comes as the company plans to open two brick-and-mortar stores in Los Angeles and New York in 2024.
“Kim and I can envision a future where years from today there’s a Skims store anywhere in the world you’d find an Apple store or a Nike store,” Skims co-founder and CEO Jens Grede told BNN Bloomberg last month. “It marks the second chapter.”
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