Russian Firm Plans US Headquarters in Downtown Los Angeles
Miro to Join Other Creative Firms in City's Arts District
Russian visual collaboration platform provider Miro has signed an office lease for its U.S. headquarters in an increasingly popular part of downtown Los Angeles, where many creative companies have flocked in recent years.
Miro, a Russian firm that helps companies create and centralize their communication efforts, agreed to lease more than 7,178 square feet of office space at 767 Alameda St. in the Arts District's Row DTLA retail-office complex from landlord Atlas Capital, according to commercial real estate company Newmark Knight Frank.The company also has a location at 201 Spear St. in San Francisco.
“As Miro considered options for their headquarters location, they went through a long process to evaluate many submarkets throughout Los Angeles," Ryan Harding, executive managing director at commercial real estate company Newmark Knight Frank who represented the company, said in a statement.
"They selected the Row because of its constantly expanding amenity base, the proximity to talent throughout the city and the overall quality of the recently renovated project.”
Terms of the lease were not disclosed, but annual asking rents at the property are $29.24 per square foot, according to CoStar data.
Formerly the Los Angeles Terminal Market, the 396,718-square-foot Row DTLA building was renovated in 2017 as part of an adaptive reuse of the property’s warehouse and industrial buildings. Today, the property has nearly 2 million square feet of space in six buildings composed of 65 retail and restaurant spaces and 1.3 million square feet of creative office space.
Miro joins companies including music label Warner Music Group, online music steamer Spotify and video startup TubeScience in moving to the Arts District, an outskirt of the downtown L.A. area.
Many businesses are attracted to the neighborhood, which has seen a recent uptick in redevelopment.
"The buildings we have in the Arts District, you can’t find them anywhere else," Miguel Vargas, executive director of the nonprofit Arts District Business Improvement District. "This once used to be the industrial base of the city of Los Angeles, and so today there is still this industrial heritage that you can see in our buildings."