Gunderson Dettmer Signs 25K-SF Office Lease in LA’s Arts District
By Greg Cornfield July 25, 2022 7:30 pm
reprints
International law firm Gunderson Dettmer has signed a lease to move its Los Angeles office into a two-story building downtown that many will recognize for its appearances in movies and television.
Gunderson Dettmer’s lease is for all 24,567 square feet at 635 Mateo Street in the Arts District, JLL (JLL) announced. It’s owned by Mateo Street Properties, an entity tied to Alan Spiwak and Sheila Spiwak, records show. The lease rates were not immediately disclosed.
The deal comes as inflation, rising interest rates and remote work drag on the office market. JLL’s most recent office report found more than 21 percent of L.A.’s office space vacant.
“We have seen a trend of more traditional companies like law firms, financial services companies and real estate businesses leaving high-rise office environments for unique freestanding buildings,” JLL’s Nicole Mihalka said in a statement.
635 Mateo was built in 1929 to serve as the headquarters for Hills Brothers Coffee, and then it became the corporate offices of the Southwestern Bag Company, which transformed the property into a major filming location. It has made appearances in movies and television shows, including “Beverly Hills Cop,” “Ferris Bueller’s Day Off” and “It’s Always Sunny in Philadelphia.”
Mihalka, along with JLL colleagues Dana Vargas and Caitlyn Ross, represented the landlord, and Richard Abbitt and Ryan Shuler of Industry Partners represented Gunderson Dettmer.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
