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Yes, chef!
Cookware company HexClad has signed two leases in the Arts District at the Mateo project.
The company agreed to a long-term office sublease for just under 29K SF at 555 Mateo St. It also leased just under 10K SF of warehouse space just south of the new office.
Other tenants at ASB Capital Management's Mateo property include Spotify, USC Roski School and Kong Studios, according to a release from Colliers, which brokered the leases on behalf of HexClad.
HexClad "outgrew a converted warehouse east of Downtown and were due for an upgrade to a truly high-quality creative office, drawn to the uniqueness of the space, along with access to the nearby amenities and available studio space in the immediate area to film content," Colliers Senior Executive Vice President Nathan Pellow said in a release.
Many tenants have been contracting rather than expanding across the city, but there are exceptions, as companies settle on return-to-office arrangements more than five years after remote work became the norm for many.
The Arts District, included in the Downtown East submarket, has roughly a 40% vacancy rate, which is high compared to the overall Downtown vacancy rate of 29%, according to a second-quarter Downtown office report from Colliers.
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