City/State:
Culver City, California
Clarion Partners closed on a 0.979-acre parcel in Culver City, California in January 2017 to develop a state-of-the-art, mid-rise creative office building on behalf of one of Clarion's commingled funds. After a twelve-month design, entitlement, and permitting phase, construction of the four-story 131,000 sq.ft. office asset commenced in February of 2018. The core and shell were completed by June 2020. The Class-A, LEED Gold building features 37,000 sq.ft. rectangular floor plates with expansive window lines, slab heights ranging 13-15 ft., outdoor patios, a screening room, and a three-level subterranean parking garage*.
Historically, Culver City was fragmented by private ownership, older vintage inventory, and a non-credit tenant base. Clarion Partners identified the submarket's growth potential early based on potential access to a diverse talent pool in this central area of Los Angeles, the limited supply of newly-constructed Class A properties of scale in Culver City, and the prime location of the development site across the street from high-quality retail amenities and the new public transit line connecting Santa Monica to downtown.
The Culver City office submarket has experienced a transformational change into one of the strongest premier office locations in LA in the four years since our initial acquisition, with increasing tenant demand from a diverse group of investment-credit entertainment, marketing, and media companies. The explosive growth of the content production and streaming industry has greatly spurred dynamic tenant demand in Culver City due to its proximity to talent, to studios in Burbank/Studio City, and a highly walkable neighborhood.
Clarion Partners successfully pre-leased the development to a global investment-grade technology tenant prior to construction, providing a stable tenancy and continued value growth opportunities.
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