Los Angeles– June 13, 2016 – CBRE Group, Inc. announced the completion of a five-year lease for office space provider Barrister Executive Suites, Inc. in one of Santa Monica’s most-desired high-rise buildings. The transaction represents the only executive-suite operator allowed in the property.
CBRE Vice President Matt Perlmutter arranged the nearly 6,500 square foot lease for the tenant, while Cushman & Wakefield’s Scott Menkus and Eric Olofson represented the landlord, Douglas Emmett.
The building, located at 100 Wilshire is among the most expensive in Los Angeles. It is currently fully occupied, including tenants such as Guggenheim, Buckley Sandler LLP, Eastdil Secured, and Greene Broillet & Wheeler LLP. The property is Santa Monica’s most in-demand high-rise office tower with views of the Pacific Ocean, Santa Monica Mountains and the Westside.
“This was one of the best tenant deals in at least three to four years at 100 Wilshire,” said Perlmutter. “Landlords are increasingly looking to co-working/executive suite operators such as Barrister, which are benefitting from increased demand from all sorts of companies.”
The number of executive suite and co-working spaces in office markets around the country is likely to rise in 2016 as more companies, including Fortune 500 enterprises, are taking space at these types of facilities, according to a January report from CBRE Group, Inc. This is driven by demand from companies small and large – CBRE projects the executive suite/co-working sector has a five-year compound annual growth rate of 21 percent – attracted to the flexibility of the model and lower costs as average office asking rents have been on the rise nationally, according to CBRE.
“Barrister is the recognized originator of the shared workspace concept, and has been an industry leader for more than 50 years. We were pleased to represent them as a client,” said Perlmutter.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
