Coworking Company Spaces Enters Santa Monica Media Market With 69K-SF Lease
Spaces has signed a new 69,208-square-foot lease at the Water Garden at 1620 26th Street in Santa Monica—marking the coworking company’s first location in the Santa Monica Media District, according to a release from CBRE, which represented both sides in the deal. The lease is for 10 years. CBRE (CBRE) declined to provide further lease details.
CBRE’s Amanda Calof, Patti Gilbert and Pat McRoskey represented the landlord, a group of institutional investors advised by J.P. Morgan Asset Management, in the deal while colleague Daniel Rainer represented Spaces. The creative office campus, which includes 17 acres of indoor and exterior space with a landscaped river walk, outdoor communal space, Zen gardens, fitness center and retail and restaurants, is located within the Silicon Beach area, home to major tech and entertainment players, including Snap, Google (GOOGL) and Hulu. Tenants at the campus include Oracle, Wells Fargo Advisors and Cornerstone Child Center.
“Water Garden is one of the premier assets in Los Angeles,” Rainer said in prepared remarks. “The thriving green campus is a perfect fit for Spaces.”
This marks Spaces’ eighth lease in the Los Angeles area, bringing the company’s total footprint across the L.A. region to 323,000 square feet.
“The Greater Los Angeles market continues to be an area of expansion for Spaces,” Michael Berretta, a vice president of network development for IWG, which owns Spaces, said in the release.
Los Angeles is the second-largest coworking market in the country—behind Manhattan, which has 9.2 million square feet of flexible-office space—with a total of 4.1 million square feet out of the 222 million square feet that comprise the overall office market, according to research from CBRE.