New York-based venture capital firm Greycroft Partners is getting a new home in Downtown's Arts District.
Earlier today, CBRE announced that the Greycroft has signed a 10-year, 19,518-square-foot lease at FreeMarket, an office campus now under construction at 821 Traction Avenue. The lease, which accounts for nearly half of the available space at the 40,000-square-foot property, will include offices on the ground and second floors, as well as outdoor space.
Construction of FreeMarket is on pace to conclude in March 2022, at which point Greycroft is scheduled to move in.
“Greycroft planted their flag in the Arts District in 2015 before it became what it is today,” said Phillip Ruhl of CBRE, who represented Greycroft in the deal. “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 marquee redevelopment for the Arts District and was exactly what Greycroft was looking for as their next home.”
The venture capital firm's current Los Angeles address is an industrial building located a half-mile south near the intersection of 6th and Mateo Streets.
While the Arts District has long been a residential neighborhood thanks to its collection of converted warehouses, recent years have seen it emerge as a major employment hub. Spotify and Warner Music Group have already planted their flag in large buildings nearby, and other tenants such as Califia Farms, Twitch, and Kanye West's Yeezy Gap clothing line have moved in since the onset of the global pandemic.
- Downtown (Urbanize LA)