CBRE’s Daniel Rainer and the Water Garden in Santa Monica:
Spaces is eating up more office square footage in Los Angeles.
The coworking firm, which is owned by International Workplace Group, signed a 10-year lease for 69,200 square feet at the Water Garden office campus in Santa Monica, adding to its rapid expansion in the region over the past year, CBRE announced.
The 17-acre office campus at 1620 26th Street was recently renovated with retail space, restaurants, banking, a fitness club, child care, and outdoor space for meetings, concerts, movie screenings and events.
Spaces is expected to move in during the fourth quarter.
Daniel Rainer, a CBRE agent, represented Spaces in the transaction.
Water Gardens is Space’s second location in Santa Monica, and eighth in the region, bringing its footprint in L.A. to 323,000 square feet. Spaces opened five locations in the county last summer, and also has locations in Hollywood, West L.A., and Downtown.
Los Angeles is the second-largest co-working market in the country with a total of 4.1 million square feet of flexible space in the 222 million square feet of total office market, according to CBRE.
Earlier this month, competing firm Industrious signed a lease for its second Downtown L.A. location and its sixth overall in the county. Other competitors like WeWork and NeueHouse have also continued to grow and expand the past few months.
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