WeWork’s Adam Neumann and 1031 South Broadway
Four different co-working companies are in discussions to ink as much as 212,000 square feet of office space in Downtown Los Angeles by the end of the year.
If the deals close, they would further expand the options freelancers and small startups have to choose from in the co-working-saturated city.
WeWork is close to signing the biggest lease out of the four, the Commercial Observer reported. The deal would add 150,000 square feet at 1031 South Broadway in Downtown Los Angeles to the firm’s growing portfolio.
CommonGrounds, a San Diego-based firm, is also working on a 32,000-square-foot deal in Downtown. The lease would mark the firm’s fourth location in L.A. County, adding to its offices in Long Beach, La Brea and Burbank, according to its website.
Meanwhile, Industrious is looking to take a full floor, spanning 16,000 square feet, at the Citigroup Center at 444 South Flower Street. The company already has a location nearby, at 600 Wilshire Boulevard, as well as others on the Westside.
Also in Downtown, Cross Campus is expanding its existing space at 800 Wilshire Boulevard, which is owned by Onni Group. The co-working firm is working on a lease to occupy an additional 14,000 square feet on the fifth floor of the building. It already leases the second, third and fourth floors.
Co-working has continued to grow tremendously this year as flexible office space operators have snagged 3.2 million square feet from January through September, according to JLL. The phenomenon has also given rise to boutique co-working firms that specialize in specific industries, such as the women-only Wing, and Paragon, which is geared for cannabis tenants. [CO] — Natalie Hoberman
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