Coworking company Spaces has signed a 69,208-square-foot lease for the Water Garden in Santa Monica, CBRE Group Inc. and J.P. Morgan Asset Management announced Jan. 29. The lease value was not disclosed.
The Water Garden is owned by investors advised by J.P. Morgan Asset Management. CBRE’s Daniel Rainer represented Spaces. CBRE’s Amanda Calof, Patti Gilbert and Pat McRoskey represented the landlord in the transaction.
“Water Garden is one of the premier assets in Los Angeles,” Rainer said in a statement. “The thriving green campus is a perfect fit for Spaces. This is their first coworking location in the Santa Monica Media District, a submarket featuring one of the densest tenant rosters of top tech, media and production companies.”
Spaces is expected to move in during the fourth quarter. The lease is for 10 years.
The average Class A asking rate in Santa Monica during the fourth quarter of 2018 was $6.30 per square foot, according to data from Jones Lang LaSalle Inc. That would put the lease value at roughly $52 million.
Spaces is owned by IWG.
Commercial real estate reporter Hannah Madans can be reached at firstname.lastname@example.org. Follow her on Twitter @HannahMadans
For reprint and licensing requests for this article, CLICK HERE.