Los Angeles – Dec. 22, 2016 – CBRE Group, Inc. announced a 23,305 square-foot lease in Downtown Los Angeles to Honey Inc., a company that provides a free browser extension that automatically finds and applies coupon codes at checkout on thousands of sites.
CBRE’s Phillip Sample, Brad Chelf, Chris Caras, Brandon Bank and Taylor Watson represented the landlord, L&R Group, a privately held company that owns and operates parking facilities throughout the United States. Cresa’s Marc Bretter and Griffin Farriss represented the tenant.
"Honey is excited to move into our new downtown LA headquarters, offering our employees’ state of the art amenities, as well as easy access to LA Metro and LA Live,” said Glen Allison, chief operating officer at Honey, which is also designed to instantly find better prices on online retailer sites and offer cash bonuses on many stores. Our rapid growth in this new location will allow us to expand seamlessly and continue to recruit top talent.”
This Class-A creative office space, located at 990 West 8th Street, is situated in the heart of Downtown Los Angeles. The new tenant will occupy the entire top floor of the building and will receive building top signage.
“Through our strategic marketing, we were really able to tell the story of the property and of Downtown,” said Sample. “Our team took over the office leasing of the project and within 60 days we were able to attract the perfect tenant.”
Through in-depth knowledge of the area and property and an extensive marketing campaign, the group was able to garner a great amount of interest for the building.
“Downtown has been evolving into a live-work-play environment, which is continuing to attract forward-thinking employers looking for high-quality office space,” said Caras. “We are now seeing more tech companies traditionally more associated with the Westside or Hollywood looking at Downtown LA as a viable and exciting option.”
Demand for downtown creative office has been booming as media and entertainment companies, including recently announced addition Warner Music, HauteLook, HyperLoop and Magnopus, are moving their operations into the area. Asking lease rates in Downtown Los Angles increased a substantial 9.3 percent in the first six months from a year ago as the submarket continued to gather traction and trophy landlords such as Brookfield pushed rents higher, according to the latest CBRE research.
The Urban Investment Group headed by Sample also sold the Chase Plaza, a prominent high-end office tower, located at 888 West 6th Street, as well as the 1 million square-foot historic Broadway Trade Center, formerly the Hamburger’s Department store and a May Company Department Store, which is being transformed into a mixed-use creative office campus. The team has been working together in the downtown market for more than 25 years.
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 (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
