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Fast-casual salad chain Sweetgreen has found a new tenant for its former West Adams headquarters.
The tenant, FPM Development, will sublease about 94K SF in two phases at the facility at 3101 W. Exposition Blvd. where Sweetgreen was formerly headquartered, according to filings with the Securities and Exchange Commission. CoStar was first to report the news.
The agreement was inked April 30. For the year starting May 1 and ending March 31, 2025, FPM will pay rent of just under $400K per month, SEC filings show. Over the lease agreement, which runs through the end of February 2032, FPM will pay more than $42M in rent.
Sweetgreen will deliver the entire space by August and has already given over a 57K SF chunk to FPM, according to CoStar.
Sweetgreen moved out in 2022, downsizing into a smaller adjacent office space at 3102 36th St. also developed by The Luzzatto Co., which owns the space at 3101 Exposition, CoStar reported at the time.
"There are certain micromarkets that, for different reasons, will be part of the future for Los Angeles and other cities,” Asher Luzzatto, president of The Luzzatto Co., told CoStar. "This area in particular has had a ton of success because the location is so central and transit-oriented. It's a really critical node."
To learn more about the office market in Los Angeles, check out Bisnow's Los Angeles Office and Workplace Market Outlook July 17.
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