A partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital has purchased an office building in Culver City for $56 million. The sellers were Santa Monica-based Watt Cos. and New York-based Edge Principal Advisors.
The 111,384 square-foot office property, which was sold in an off-market transaction, is located at 3000 S. Robertson Blvd. It is four stories tall.
CBRE Group Inc.’s Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant represented the seller in the transaction. CBRE also secured financing for the buyer. The financing came from an unnamed regional bank.
“Pendulum is very excited to partner with Long Wharf Capital on another acquisition in Los Angeles,” Daniel Wagman, a partner at Pendulum, said in a statement. “We believe that 3000 S. Robertson’s high quality and proximity to one of the country’s most dynamic submarkets will position the asset for outperformance.”
Building tenants include Kaiser Permanente and WeWork Cos. Inc. The property is also near other big tenants in Culver City, such as Apple Inc., Amazon.com Inc. and HBO.
“Culver City continues to evolve as a major hub for the media and entertainment industry,” Longo said in a statement. “The seller recognized this market momentum when they acquired and renovated the property, and the new owners will carry forward the building's success into the next era of this submarket.”
The property is Pendulum Property Partners and Long Wharf's second acquisition in a media submarket in L.A., following the acquisition of 2901 Alameda in Burbank. The two purchased the property, known as The Link, in May.
The Link is a 124,785-square-foot creative office building with post-production, broadcasting, screening and editing facilities.
“It shows their strong belief in the strength of our region’s tech, media and entertainment companies and the sector’s demand for high-quality office space,” Tydlaska said in a statement of the latest Culver City purchase.
