May 27, 2022 9:00 AM
Newmark announces flex office provider IWG has signed a 38,383-square-foot lease for its Spaces brand at 811 West 7th Street (the historic “Fine Arts” Building) in downtown Los Angeles. Newmark Managing Director Gibran Begum represented the asset owner, Manchester Capital Management, LLC in the transaction.
Spaces will occupy 38,383 square feet on the top four floors of the building, which includes the unique penthouse space featuring a fireplace. The space was formerly occupied by WeWork, with this transaction representing the second former WeWork location IWG has leased in Los Angeles this year. Spaces will complete minor renovations to the space and plans to open in early summer 2022.
“As a premiere flex office provider, IWG’s Spaces brand was a natural fit for the iconic Fine Arts Building, which has provided tenants some of the finest collaborative creative space in Downtown,” said Begum.
Located at the crossroads of 7th Street and Figueroa and Flower Streets in the Central Business District (CBD), the Fine Arts Building is a historic and iconic 12-story office building measuring approximately 116,000 square feet. The transaction highlights the ongoing trend of traditional CBD tenants’ focus on securing best-in-class historically significant low-rise office buildings.
Begum added, “With hybrid employee schedules and post-pandemic considerations, time-tested buildings like Fine Arts are well-suited to adapt to tenant’s evolving office requirements.”
According to Newmark Research, net absorption in the Los Angeles office market registered 452,549 square feet during the first quarter of 2022, the second consecutive quarter of positive absorption for the market. The pandemic has had multiple impacts on commercial real estate, with the growing popularity of low-rise campus style product being one of the principal narratives. Creative, collaborative space continues to be in demand, and many occupiers are eyeing high-end spaces to attract employees back to the office.
 Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
- Press Releases >
- Newmark Represents Los Angeles’ Iconic Fine Arts …
Newmark Represents Los Angeles’ Iconic Fine Arts Building in 38,000-Square-Foot Lease to IWG’s Spaces Brand
May 27, 2022 9:00 AM