Sawtelle-based Crescent Capital Group is the landlord of the property where Participant Media has leased 26,000 square feet for seven years. CBRE Group Inc.’s Jake Bobek, Scott Steuber and Jeff Vertun represented Participant in the lease.
Chicago-based construction and architectural firm Clayco leased another 14,000 square feet for five years. CBRE’s John Zanetos and Kelli Snyder represented Clayco.
CBRE’s Tom Sheets and Quint Carroll represented the landlord.
With the Clayco and Participant leases, Collection at National is 100% leased.
The buildings making up the campus at 8590 and 8690 National Blvd. and 3520 Wesley St., are low-rise and were turnkey properties, meaning they were ready to be occupied right away without major changes.
“Due to the turnkey nature of the buildings, we focused on tenants that wanted to get their workforce into the office immediately,” Carroll said in a statement. “Many of our occupier clients are eager to return to the office but are thoughtful about it, looking for more flexibility.”
The Greater L.A. area, according to CBRE, is one of the office markets with the strongest growth in 2021 and in June saw leasing at 40% above pre-pandemic levels. Culver City, according to the brokerage, is one of the most active submarkets in the county.
Culver City has fared better than some other submarkets. During the third quarter, asking rents for Class A properties in the city was $4.54 a square foot, far higher than the county average of $4.09 a square foot, according to data from Jones Lang LaSalle Inc.
To meet demand, there was roughly 1.2 million square feet of office space under construction in Culver City during the third quarter, according to JLL.
