Investors Hunt Harder Than Ever For Creative Space
The hunt for attractive office properties is tougher than it used to be, but there are still deals to be found, Intercontinental Real Estate Corp director of acquisitions Jessica Levin tells us. Even creative space in strong locations.
Recently Intercontinental snapped up the 546k SF Apollo@Rosecrans, a renovated four-building creative office campus in El Segundo, CA. Jessica says it's in a dense geography that provides walkability, which helps make it the kind of space that tech and creative company owners and employees are seeking.
The development is a rare gem to be found in LA's Silicon Beach, she adds. CBRE's Kevin Shannon repped Intercontinental; NGKF repped the sellers, Invesco Real Estate and Second Street Ventures.
Intercontinental chairman and CEO Peter Palandjian tells us his company is digging harder than ever to find attractive risk-adjusted returns. "While our dead deal pile is bigger than before, we're still finding some deals we really like," he says. "At the same time, we continue to nurture our JV partner relationships and feel lucky to have strong partners who, on the ground, reveal some of our best opportunities.”