VITAL STATISTICS
ONE CULVER
10000 Washington Blvd., Culver City
Square Footage: 395,298
Deal Value: $510 million
This deal was the recapitalization of One Culver, a recently repositioned eight-story, Class A office building located at 10000 Washington Blvd. in downtown Culver City. Totaling 395,258 square feet, the property is 99% leased to a diverse roster of tenants with a weighted average remaining lease term of more than 10 years. The valuation of the partial interest sale was approximately $510 million, with financing in the amount of $310 million.
Newmark co-head of capital markets Kevin Shannon, executive managing directors Ken White and Rob Hannan and senior managing director Laura Stumm represented the sponsor, LBA Realty, in identifying partial interest investor, Blackstone. Financing was arranged by Newmark vice chairman David Milestone, senior managing director Brett Green, and associate director Henry Cassiday.
The property underwent an extensive renovation that was completed in 2018. The Gensler inspired design completely re-imagined the property and provided high performance office space, an on-site state-of-the- art studio, a dramatic collaborative lobby, lively on-site retail and abundant outdoor space. One Culver is also the first office building in the United States to achieve the UL Verified Health Building Mark for indoor environment standards and maintains a LEED Gold certification.
VITAL STATISTICS
HOLLYWOOD MEDIA CAMPUS
1350 North Western Ave., Hollywood
Square Footage: 75,593
Deal Value: $93 million
This deal was for the Hollywood Media Campus, a 3.5-acre site comprised of a fully leased, 75,593 square foot office building and an adjacent development parcel to The Georgetown Company, a leading developer and owner of commercial, retail and mixed- use properties nationwide. The campus, located at 1350 North Western Avenue in Holly- wood, traded for $93 million. The seller of the campus was Gemdale USA Corporation, a Pasadena-based real estate investment and development firm. Newmark co-head of US capital markets Kevin Shannon, executive managing directors Ken White and Rob Hannan and senior managing director Laura Stumm represented the seller in the transaction.
VITAL STATISTICS
SHORELINE SQUARE
301 East Ocean Blvd., Long Beach
Square Footage: 410,920
Deal Value: $85.5 million
Newmark facilitated the sale of Shoreline Square, a Class A, 20-story, 410,920 square foot tower in downtown Long Beach for $85.5 million. Newmark co-head of U.S. capital markets Kevin Shannon and executive managing director Ken White and Rob Hannan and senior managing director Laura Stumm represented the seller, Parallel Capital Partners, a commercial real estate investment and operating company, in the transaction. The buyer was Shoreline Square Holdings LLC, funded by capital originating from the Pacific Rim. Located at 301 East Ocean Boulevard, the LEED Gold-Certified building is 92 percent leased to a diverse tenant mix.
