WeWork is expanding its footprint at Pacific Design Center, taking an additional 93,500 square feet of Los Angeles office space there. The company, which recently became Manhattan’s largest office tenant, more than doubled its space at the 14-acre campus in West Hollywood.
Signing a 15-year lease, the coworking firm is set to occupy 39,000 square feet on the eleventh floor of the Red Building and 54,500 square feet on the seventh floor of the Green Building. Last year, it inked a lease for 70,000 square feet: the seventh and eighth floors of the Red Building. Thus, with the new deal it brought its total to 163,500 square feet.
Marc Horowitz, Senior Vice President and National Director of Leasing for Cohen Brothers, represented both Cohen, the owner, and WeWork in the deal. The asking rent for the space was $4 per square foot in the Green Building and $6.15 per square foot in the newer, LEED-certified Red Building.
“The success of our initial community at Pacific Design Center—not just by occupancy but by creative production of our members—made it obvious that expanding at such a landmark destination of the area was a double-down bet on our LA community and presence in West Hollywood,” WeWork’s General Manager for Southern California, Kley Sippel, said in a statement for the Commercial Observer.
Part of the company’s space at PDC will become an incubator for Imagine Impact. Launched earlier this year by Brian Grazer and Ron Howard, this accelerator program is meant to foster creative storytelling through collaboration.
Moreover, just last month, A24, the independent entertainment company, announced it will relocate to a 25,000-square-foot space at the Red Building. Other tenants in this tower include Grindr and Abrams Artists Agency.