WeWork Expands at Pacific Design Center to Over 163K SF [Updated]
The deal is for 15 years, according to a news release from PDC owner and developer Charles S. Cohen.
WeWork leased the entire seventh and eighth floors of the center’s Red Building at 750 North San Vicente Boulevard
for a total of 70,000 square feet last year. The coworking giant has now tacked on 39,000 square feet on the 11th floor in the Red Building and 54,500 square feet on the seventh floor of the Green Building. The asking rent in the Red Building was $6.15 per square foot and it was $4 per square foot in the Green Building, according to a source familiar with the deal.
“With 1.7 million people predicted to be working in thousands of coworking spaces worldwide by the end of 2018, WeWork is well prepared for the future, thanks to PDC’s large, flexible spaces that can accommodate a multitude of configurations,” Marc Horowitz, senior vice president and national director of leasing for Cohen’s Cohen Brothers Realty Corp., said in the release.
Horowitz represented Cohen Brothers Realty and WeWork in the lease expansion negotiations.
WeWork is expected to move in by early 2019.
The Pacific Design Center has been a hotbed of leasing activity as of late, with indie-entertainment company A24 set to relocate to the Red Building early next year and Imagine Entertainment’s creative incubator to occupy a portion of the WeWork space, as Commercial Observer previously reported.
Update: This story was updated to include comment from a WeWork spokesperson.