Los Angeles – Dec. 21, 2021 – CBRE announced Greycroft Partners, a New York-based venture capital firm, signed a lease for 19,518 square feet at a redevelopment property in Downtown Los Angeles’ Arts District.
CBRE’s Phillip Ruhl represented Greycroft and John Zanetos represented the landlord, a private local investment partnership.
Greycroft signed a 10-year lease at FreeMarket, located at 821 Traction Avenue. The 40,000 square-foot project will feature office space on the second floor and ground-floor retail as well as tenant-exclusive outdoor space. The property is still under construction with completion expected in March 2022, which is when Greycroft is slated to move in.
“Greycroft planted their flag in the Arts District in 2015 before it became what it is today,” said Ruhl. “They were attracted to the grittiness and authenticity of the gentrifying neighborhood. They did not want to leave the Arts District just as it began to turn into one of the hottest submarkets in LA. This particular project will be a marque redevelopment for the Arts District and was exactly what Greycroft was looking for as their next home.”
The Arts District has seen a number of tenants sign leases and plant their flag in this burgeoning submarket during the pandemic, including Califia Farms, Twitch and GAP/Kanye West.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.