Skims, the popular shapewear and clothing brand founded by Kim Kardashian, has secured a lease for a sizable 116,000 square foot building in Hollywood. The building, located at 1601 Vine St., is owned by J.H. Snyder, a real estate developer in Los Angeles.
According to a report from The Real Deal, Skims will occupy the second through eighth floors of the building, taking up all the available office space. The ground-floor retail space is currently occupied by City National Bank. Previously, the building served as WeWork’s sole Hollywood location until October of last year when WeWork terminated its lease agreement, which was set to run through September of 2030.
The lease agreement with Skims has proven advantageous for J.H. Snyder as it has helped the company avoid defaulting on a loan associated with the property. Prior to the Skims lease, J.H. Snyder held a $50 million loan from City National Bank, which was scheduled to mature on March 1. However, after Skims signed the lease, City National Bank agreed to extend the loan term through May 2024, according to county records.
While many companies in Los Angeles have been downsizing their office footprints, Skims is among the few players expanding its office space. The second quarter of this year witnessed nearly 30 percent of all office space in L.A. County being available for lease, and approximately 400,000 square feet of office space was put on the market for sublease, according to data from Savills.
More companies have placed space on the sublease market in recent months. In June, Wedbush Securities, an investment bank and securities brokerage firm, placed its 100,000 square foot Downtown Los Angeles office space up for sublease. The space is located at Cerberus Capital Management’s 1000 Wilshire Boulevard, according to The Registry’s previous reporting.
Another space in Glendale was recently placed on the sublease market by media and telecommunications company Comcast. This space recently secured The Switch, a New York-based production services company, as its new tenant. The firm is taking over Comcast’s 66,700 square foot space at 1840 Victory Blvd.
