January 29 2016 – CBRE Group Inc. completed a lease for Spaces, a Netherlands-based co-working company across the street from the Los Angeles Farmers Market and the Grove outdoor shopping center for more than $15 million.
The 10-year lease on 145 S. Fairfax Ave. in Los Angeles is for 29,791 square feet and part of the company’s expansion in the West Los Angeles area. This will be Spaces first location in Southern California. The property will cater to creative and entrepreneurial occupants, featuring high-end finishes and a large outdoor patio overlooking the Farmers Market.
CBRE’s Danny Rainer represented Spaces while Rob Waller and Patrick Amos represented the landlord, 145 S. Fairfax, LLC, a subsidiary of the A.F. Gilmore Co.
“Spaces provides creative and collaborative ways of working for entrepreneurs and businesses alike,” said Simon Moore, Senior Director, Spaces. “Los Angeles is a natural fit for our U.S. expansion, and we look forward to supporting the entertainment, media and creative firms that make up the city’s business landscape.”
The number of 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 – the 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.
A.F. Gilmore Co. purchased the property in 2013 and recently completed a full renovation catering to creative tenants. A.F. Gilmore owns the Original Farmers Market, the land master leased to The Grove and the adjacent Gilmore.
The location will provide Spaces and other tenants with walkability to more than 100 dining, retail and grocers. The property also sits close to high-end residential properties and is across the street from CBS Television City and a short walk to the future MTA Purple Line subway station at Wilshire and Fairfax.
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 2014 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.
