IWG Leases Four Floors at Historic Fine Arts Building
Newmark has announced flex office provider IWG has signed a 38,000-square-foot lease for its Spaces brand at the iconic Fine Arts building in downtown Los Angeles. The transaction highlights the ongoing trend of companies securing historically significant low-rise office buildings.
Located at the crossroads of 7th and Flower Streets, the Fine Arts building comprises 116,000 square feet on 12 floors, the top 4 of which will now be home to IWG. The space was formerly occupied by WeWork, and interestingly, this is IWG’s second LA transaction this year involving a former WeWork location.
Newmark’s Managing Director Gibran Begum represented the owner, Manchester Capital Management in the transaction. “As a premiere flex office provider, IWG’s Spaces brand was a natural fit for the Fine Arts Building, which has provided tenants some of the finest collaborative creative space in Downtown,” said Begum in a news release.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.