FabFitFun Leases 53427 Square Feet At 8687 Melrose Ave With WeWork As Landlord
8687 Melrose Ave, West Hollywood, C...
Building Size
53,427 SF
Asset Type
Office
Closing
Jun 11, 2021
AI
The property involved in this lease transaction is located at 8687 Melrose Ave, West Hollywood, California. The space encompasses a total of 53,427 square feet within the Green building of the Pacific Design Center. This building is part of a 14-acre complex that includes a range of showroom brands and flexible workspaces, operated by WeWork, which leases around 120,000 square feet in the two buildings of the center.
Summary of transaction details:
- Property Type: Lease
- Transaction Amount: Not disclosed
- Address: 8687 Melrose Ave, West Hollywood, CA
- Market: West Hollywood
- Tenant: FabFitFun
- Landlord: WeWork
- Tenant's Representatives: Marques Williams (Cushman & Wakefield), Eric Duncanson (Cushman & Wakefield)
- Landlord's Representatives: Kelli Snyder (CBRE), Christopher (Chris) Penrose Jr (CBRE)
- Broker: John Zanetos (CBRE)
- Square Feet: 53,427
This lease agreement was facilitated by a team from CBRE, consisting of John Zanetos, Chris Penrose, Phillip Ruhl, and Kelli Snyder, representing WeWork. Cushman & Wakefield's Eric Duncanson and Marques Williams negotiated on behalf of FabFitFun. The new location for FabFitFun will feature redesigned creative office space, including podcast studios and various specialized areas aimed at enhancing their operational capabilities.
Players
West Hollywood Office Market Snapshot
Boundary boundary · Office · Lease transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93