WeWork will take over the entire 100,000 square feet of Los Angeles office space at Maxwell, a three-building redevelopment project located at East 4th Pl. and Mateo. The deal marks the coworking firm’s twentieth location in LA, as well as its first move into the Arts District.
WeWork has also recently signed a deal for the entire 60,000-square-foot, five-story office building at 405 Mateo Street. According to the Commercial Observer, the asking rent for the space was around $4.15 per square foot. The coworking giant is also nearing a second lease for 39,000 square feet in the offices within the adjacent parking building.
The Maxwell redevelopment is owned by Hudson Pacific Properties, who purchased 405 Mateo Street for $30 million in 2015. Built in 1924, the property was previously known as the Maxwell Coffee Building. It is currently being transformed into a modern creative office and retail complex that will feature open floor plans, a rooftop deck, EV charging stations and bicycle storage facilities. The project is expected to be completed this summer. CBRE is in charge of marketing the property.
Hudson Pacific has another redevelopment project nearby, at 963 East 4th Street. Known as Fourth & Traction, the 130,000-square-foot building was initially the West Coast headquarters of the Coca-Cola Company. Coupon company Honey signed a lease here last year, taking over the entire space.
LA’s Arts District continues to attract big tenants. Last year, Spotify took over 110,000 square feet of office space at At Mateo for its new regional headquarters. Warner Music Group moved into the renovated Ford Factory Building at 777 S Santa Fe Avenue in 2016.