Developer Bow West Capital is set to buy a 28-year-old warehouse in Culver City for more than $10 million with plans to convert the 17,490-square-foot property into a creative office.
Andrew Sinasohn, a vice president at Century City-based Zacuto Group who brokered the all-cash deal, said Bow West targeted the area for its appeal to companies looking for a central L.A. location.
“Culver City is a dream from an HR perspective,” Sinasohn said. “You can pull from downtown just as easily as you can get from West Hollywood or Santa Monica.”
The warehouse at 3309 La Cienega Place, owned by BG Holdings and used by events company Bob Gail Enterprises Inc., sits on a 33,000-square-foot lot close to Lincoln Property Co.’s Blackwelder creative office complex. That project’s success, along with a wave of other local creative office conversion projects, gave Sinasohn and Bow West President Sean Beddoe the confidence to jump in.
“We don’t want to be pioneers,” Sinasohn said. “We’re trying to buy something underutilized in an area that has a lot of room for growth.”
Real estate reporter Daina Beth Solomon can be reached at email@example.com. Follow her on Twitter @dainabethcita for the latest in L.A. real estate news.