PeopleSpace Extends Lease With Coretrust Capital in Downtown LA
Office furnishing designer PeopleSpace has renewed its lease for another 10 years at 444 South Flower Street in Downtown Los Angeles.
The company is sticking with its 22,500-square-foot space at the 48-story office tower owned by Coretrust Capital Partners. The deal included a slight rent increase, though a spokesperson for PeopleSpace wouldn’t comment on the specific amount.
The tenant decided to stay at FourFortyFour South Flower, previously known as Citigroup Center, because of the building’s proximity to the company’s partners. The company works with office furniture manufacturer Haworth, which occupies another entire floor in the building, as well as Coretrust, the landlord.
“Everybody knows us there,” said Michelle Sample, chief marketing officer at PeopleSpace. “We’ve been there [for] many years.”
The property, located at the intersection of Flower and Fifth streets, is also home to an Equinox gym, a Starbucks, Mendocino Farms, Citibank and the U.S. Securities and Exchange Commission. PeopleSpace will also join the international engineering firm Syska Hennessy Group, which signed a 15-year lease for approximately 14,000 square feet in the iconic tower in April.
Coretrust bought the 900,000-plus-square-foot office building in November 2016 for $336 million from Hines, and has invested more than $25 million in upgrading the property.
The tenant and landlord were represented internally in the deal, Sample said.
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