Techspace

TechSpace Grows With Opening of Facility in Los Angeles

TECHSPACE GROWS WITH OPENING OF NEW “ALTERNATIVE OFFICE SPACE” FACILITY IN LOS ANGELES

TechSpace Extends Bi-Coastal Strategy with New Location in Westwood, Los Angeles

LOS ANGELES (Jan. 12, 2010) – TechSpace Holding Co., the nation’s leading provider of flexible, on-demand, “alternative office space” and integrated technology and business services, today announced the expansion of its operations to Los Angeles. Founded in 1997, TechSpace has multiple locations in New York and Orange County, Calif., and recently acquired an existing office space provider in Westwood, Los Angeles, which has operated under the name of Nexspace for the past 10 years.

Nexspace originally commenced operations in the 1100 Glendon Building in 2001, and since then has operated successfully in the upscale West Side Los Angeles market. The product offering at Nexspace is very similar to that which TechSpace provides to its client companies in New York and Orange County, making the property an ideal acquisition prospect for TechSpace.

 “These are volatile times in the office building business in almost all markets throughout the United States,” said James “Watty” Watson, CEO of TechSpace Holding Co. “As office building rents continue to decline and building values follow correspondingly, occupants of office space are reluctant to make long-term lease commitments or acquire new office building product. As a result, TechSpace office buildings, which require a lesser-term commitment and no capital expenditures, have become much more desirous to office building occupants of all scopes and sizes.”

Designed to meet the specific needs of mobile staffers and startup companies, the non-traditional, contemporary workspace boasts a number of unique elements that allow occupants to preserves capital and keep overhead to a minimum, while focusing on enhancing their core competencies and growing their businesses. The premier, flexible workspace features a central area with multiple amenities including a main conference room, server room, copy and print services, and a lounge and café; and a secondary area with flexible blocks of development, which are divided into different size modules with mobile furniture to allow for maximum flexibility. At one time, up to 39 companies or 200 occupants can fit in the 17,000-square-foot office space, located on the 17th floor of the landmark Westwood Center owned and managed by Equity Office Products.

The expansion of TechSpace to the West Side Los Angeles market follows the 2008 opening of its new Chelsea facility, located at 44 West 28th Street in Manhattan. Just as the Chelsea investment signaled TechSpace’s expanded commitment in New York, the Westwood acquisition verifies the company’s vested interest in Southern California. In addition to its Los Angeles expansion, TechSpace is currently negotiating to acquire additional office space in multiple New York and California submarkets as demand for its consolidated offering becomes stronger than ever.

The growth of TechSpace’s operations in both New York and California comes shortly after an increased financial commitment by its founding shareholders resulting from the purchase of a minority portion of the company. The company’s founders, along with TechSpace management and CT Realty, acquired 35 percent of TechSpace Holding Co. in September 2009 in a private transaction that acquired the common and preferred shares from original investors dating back to 1999. The acquisition of this minority interest in the company was completed in anticipation of an accelerated growth plan for TechSpace, as the company’s client base increases and the office markets continue to evolve. 

http://www.ocmetro.com/t-TechSpace_Westwood_office_space0110.aspx

About TechSpace:

With multiple facilities across the United States, TechSpace’s unique outsourcing platform for companies combines flexible workspace options with completely integrated state-of-the-art technology and business services. This ‘alternative office space’ formula preserves capital and keeps overhead to a minimum, creating and ideal solution for small- to mid-sized companies, especially during today’s unpredictable economic times. Scalable terms allow room for upsizing or downsizing as necessary without the high cost of moving, including everything from workstation furniture, advanced voice and data telecommunications, IT infrastructure, reception services and  office supplies. Utilizing this platform companies are free to concentrate on enhancing their core competencies and more effectively managing their businesses. For more information, visit www.techspace.com.

Post on January 14 ,2010 at 11:39 am