LOS ANGELES--(BUSINESS WIRE)--CIM Group announced today that it has signed a long-term lease with Serendipity Labs Coworking for 23,000 square feet at CityNational2Cal, its 1.37 million square foot office building with 44,000 square feet of retail space in the Bunker Hill District of downtown Los Angeles. Serendipity Labs Coworking will occupy the entire 18th floor and also offer an innovation center and outdoor event space on the plaza level of the 52-story Class-A building located at 350 S. Grand Avenue. The property is in close proximity to many popular destinations such as the Music Center with the Walt Disney Concert Hall, The Broad, the Museum of Contemporary Art, and Grand Park.
“Serendipity Labs offers welcoming, inspiring and trusted work environments that serve as an extension of the corporate workplace for individuals and teams of up to 50 people. Our location at this premier building in the Bunker Hill district will provide a wealth of amenities for our members and the building with inviting outdoor spaces as well as spectacular views of the region from the 18th floor windows,” said John Arenas, Chairman and CEO of Serendipity Labs.
CIM Group tapped its broad experience in developing, operating and repositioning real estate assets to implement a program of capital and operational improvements at CityNational2Cal. Adding new features such as pop out glass entrances at the street and plaza levels that create a sense of arrival and showcase the sleekly renovated and expanded lobby, the company has enhanced the appeal of this prominent downtown Los Angeles office building. The 1.5-acre water court and performance plaza has been upgraded with colorful new landscaping and comfortable seating and valet parking has been introduced along Grand Avenue to efficiently accommodate visitors to the building’s numerous businesses, restaurants and retailers. Additionally, CIM has brought many new tenants to the building including City National Bank for 300,000 square feet and the building’s rebranding.
Slated to open in November 2018, the Serendipity Labs team will create a full schedule of meetings and events at the CityNational2Cal space focusing on interests of the Los Angeles community. “This is the second facility of ten planned locations in Los Angeles, and follows the recent opening of our 37,000-square-foot Hollywood Lab, adding to our national network,” noted Arenas.
Serendipity Labs has previously worked with CIM Group in Nashville, leasing 15,000 square feet at CIM’s L&C Tower as part of its national network of innovative coworking locations.
About CIM Group
Established in 1994, CIM is a vertically-integrated owner and operator of real assets for its own account, and on behalf of its partners and co-investors seeking to invest in urban real assets, net-lease assets, and other associated credit strategies, with a principal focus on North America. CIM’s real assets include urban residential, commercial, retail, hospitality, debt, and infrastructure investments as well as U.S.-based retail, office, and industrial net-lease. CIM’s broad expertise includes in-house research, acquisition, investment, credit analysis, development, finance, leasing and asset management capabilities. For more information, please visit www.cimgroup.com.
About Serendipity Labs
With 140 locations under development, Serendipity Labs, Inc., will have thirty-two open Labs in 2018. Membership levels include coworking, dedicated desks and offices, and team rooms. Private focus rooms for phone calls and privacy, wellness rooms, a work lounge, Lab Café, and studios with full A/V are standard. They are ideal venues for business meetings and offsites, and the recently opened Hollywood location has a screening room, adjacent editing facilities and commercial grade kitchen. The IT infrastructure can provide usage metrics and meets security and compliance standards that include PCI-DSS, HIPAA, Sarbanes-Oxley and GLBA. Enterprise members come from across all sectors and 40% are women. Corporate memberships with centralized billing and contract portability allow for easy reassignment of employee memberships. Swing space and long-term offices are available. For more information visit www.serendipitylabs.com.