WeWork, the flexible space provider, has filed a motion to assume its lease at 5161 Lankershim Blvd., a four-story, 205,000-square-foot office building located in North Hollywood's Arts District. This marks the second lease WeWork has assumed in Los Angeles. The company has been working with landlords to amend lease terms and reach new agreements that are mutually beneficial. WeWork aims to assume 90% of its global portfolio and reduce its total future rent commitments by over $8 billion as part of its portfolio optimization efforts. The coworking sector remains strong, providing flexible workplace opportunities for smaller businesses. Los Angeles has the highest number of coworking spaces in the US, with the market continuing to grow. In the first quarter of this year, the Los Angeles market gained two more coworking spaces, bringing the total to 270 coworking spaces. WeWork's lease amendment in North Hollywood's Arts District demonstrates the company's ongoing efforts to optimize its portfolio and adapt to the changing needs of its clients. [8a0be4fc]
LaSalle Investment Management has sold two office properties in Playa Vista. The first property, The Annex, a 131,942-square-foot low-rise creative office campus, sold for $50.3 million. The second property, 12901 W Jefferson Blvd, a 48,412-square-foot, single-tenant office building leased to media giant IPG, was sold for an undisclosed amount. The buyer of The Annex was the Westside Neighborhood School, while the buyer of 12901 W Jefferson was a venture between Pacshore Partners and A2 Capital Management. Co-head, U.S. capital markets Kevin Shannon and vice chairmen Ken White, Rob Hannan, Laura Stumm, and Michael Moll represented LaSalle in both transactions. The sale reflects the increased liquidity in the market, especially in a desirable submarket like Playa Vista. The buyer of The Annex was represented by David Kimball and Sam Devorris of NAI Capital. [3db0c911]
This week's job listings on WeHoWorks include positions at Expedia Group, Grocery Outlet, Hyatt Hotels, Kimpton Hotels, L’AGENCE, RSC Solutions, Security Industry Specialists, Soho House, Swoon, and Total Wine & More. Some of the job titles include Media Asset Coordinator (Contract) at Expedia Group, Guest Room Attendant at Hyatt Hotels, Restaurant Floor Manager-LadyHawk at Kimpton Hotels, Senior Producer (Photo Shoots) at L’AGENCE, Retail Concierge Specialist at Security Industry Specialists, Dishwasher (Porter) at Soho House, and Stock Associate / Merchandiser at Total Wine & More. The job listings were posted on June 7, 2024. The article was published on WEHOonline.com and the author is Brandon Ross Garcia. [d467465d]