April 25, 2018 — In its first foray into the Southern California commercial real estate market, as well as its first venture outside of its home state of Oregon, Portland-based Centrl Office, a provider of collaborative co-working office space, has leased more than 29,000 square feet in Little Tokyo’s Brunswig Square in downtown Los Angeles, Colliers International has reported. Total value of the 10-year lease was not disclosed.
“As the trend in this type of office use continues to grow exponentially throughout the U.S., one of the markets untapped by Centrl Office was Los Angeles,” said L.A.-based Colliers Executive Vice President Nico Vilgiate who, along with Dallas-based colleagues Executive Vice President Tom Sutherland and Senior Associate Ryan Hoopes, led the brokerage team representing the Portland-based company. CBRE’s Chris Penrose represented the building owner.
Located at the intersection of Second Street and Central Avenue, the building began life in 1931 as a five-story drug company warehouse. Over the years, it was renovated several times, eventually growing to eight stories with floor-to-ceiling windows, high and open ceilings, unobstructed views of the city, and 33,000 square feet of street-level retail shops and restaurants. It also includes onsite parking, with another 10 public parking structures within a two block radius.
Centrl describes its co-working spaces as “a hotel with no beds. A house without the barking dog. A pub without the drunks. A coffee shop with meeting rooms.” Further, it cites as its primary amenities on-site concierges, high-performance wi-fi, full-service kitchens, large and small meeting spaces, and flexible workspaces close to public transportation.
“What more could a collaborative, co-working environment offer to its clientele, including remote workers, out-of-town executives, freelancers, independent consultants, or those needing a conference room for a meeting?” Vilgiate asked. “It’s contemporary to the nth degree, has amenities supported by the retail element that few other co-working sites can offer, is central to multiple freeways, adjacent to the Arts District and is within steps of every mass transit option available, including the Metro, express bus service, and self-renting automobiles and bicycles.”
Owned and renovated by Jamestown Development Company, the building also is within two blocks of the increasingly popular Downtown Arts District featuring upscale entertainment venues, hotels, and restaurants, and is just one-half mile from the city’s traditional historic core.
“Since almost 2 million people (according to Forbes Magazine) have now worked in some sort of co-working environment at one time or another worldwide, we predict this will be a growing source of office tenancy well into this century,” added Vilgiate. “This has become more apparent as time goes on, especially as major corporations continue to become more and more task oriented, loosening not just their suit-and-tie dress policies, but also their policies on where and how employees, free lancers, and independent contractors they use can work, as long they get the work done.”