CBRE announced the lease for co-working firm Spaces in Hollywood, CA.
CBRE’s Daniel Rainer represented Spaces. The landlord, Arch Vine LLC, was represented by Carl Mulhlstein, Nicole Mihalka, and Hayley Blockley of JLL.
This 61,000 square foot, free-standing, creative Class A office building is located at 1800 North Vine Street in Hollywood. Recently renovated, this space includes a large rooftop deck, expansive views and is surrounded by amenities and restaurants with easy access to the Metro Red Line and the 101 freeway.
Spaces is an Amsterdam-born creative workspace pioneer. Its workspaces offer an inspiring setting designed to integrate lifestyle into work, and members are encouraged to build their networks by initiating new connections in the space. Each location boasts an impressively sized business club for networking and co-working, private offices for rent, meeting rooms and event spaces.
“Hollywood has been a market of high priority and this is the perfect building and location for Spaces to plant their flag. This is Spaces’ first deal in Hollywood and this center will allow them to capitalize on the massive influx of housing and corporate migration in this market,” said Rainer. “Hollywood has gone through such an incredible evolution and is almost unrecognizable from just a few years ago.”
Demand for Class A space pushed vacancy rates lower in the higher-rent West LA and Hollywood corridor submarkets. Year-over-year asking lease rates increased 8% in Q3 2017, although the direct vacancy rate remained 13.9% due to new construction deliveries and sublease space added to the market, according to CBRE research.
“We’re looking forward to opening our first location in Hollywood,” said Michael Berretta, Vice President of Network Development, Americas for Spaces. “Hollywood is experiencing a major revitalization, with both established businesses and start-ups choosing to call the neighborhood home base. Spaces will serve as a hub for these entrepreneurs and business leaders to network, collaborate and grow their companies.”
Rainer added, “This was a tremendous win for Spaces. We were able to locate a free-standing building in a very tight office market and secure this asset for a long period of time. It’s an iconic location and amenity rich, it checks all the boxes for co-working. Hollywood is one of the most exciting submarkets in Los Angeles and this center is in the heart and soul of it all.”
CBRE’s Daniel Rainer represented Spaces. The landlord, Arch Vine LLC, was represented by Carl Mulhlstein, Nicole Mihalka, and Hayley Blockley of JLL.
This 61,000 square foot, free-standing, creative Class A office building is located at 1800 North Vine Street in Hollywood. Recently renovated, this space includes a large rooftop deck, expansive views and is surrounded by amenities and restaurants with easy access to the Metro Red Line and the 101 freeway.
Spaces is an Amsterdam-born creative workspace pioneer. Its workspaces offer an inspiring setting designed to integrate lifestyle into work, and members are encouraged to build their networks by initiating new connections in the space. Each location boasts an impressively sized business club for networking and co-working, private offices for rent, meeting rooms and event spaces.
“Hollywood has been a market of high priority and this is the perfect building and location for Spaces to plant their flag. This is Spaces’ first deal in Hollywood and this center will allow them to capitalize on the massive influx of housing and corporate migration in this market,” said Rainer. “Hollywood has gone through such an incredible evolution and is almost unrecognizable from just a few years ago.”
Demand for Class A space pushed vacancy rates lower in the higher-rent West LA and Hollywood corridor submarkets. Year-over-year asking lease rates increased 8% in Q3 2017, although the direct vacancy rate remained 13.9% due to new construction deliveries and sublease space added to the market, according to CBRE research.
“We’re looking forward to opening our first location in Hollywood,” said Michael Berretta, Vice President of Network Development, Americas for Spaces. “Hollywood is experiencing a major revitalization, with both established businesses and start-ups choosing to call the neighborhood home base. Spaces will serve as a hub for these entrepreneurs and business leaders to network, collaborate and grow their companies.”
Rainer added, “This was a tremendous win for Spaces. We were able to locate a free-standing building in a very tight office market and secure this asset for a long period of time. It’s an iconic location and amenity rich, it checks all the boxes for co-working. Hollywood is one of the most exciting submarkets in Los Angeles and this center is in the heart and soul of it all.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
CBRE Group, Inc. (NYSE:CBRE), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.
