Culver City is becoming increasingly popular for office.
Creative office projects, including Culver City Creative, or C3, are just arriving on the scene in the city.
IDS Real Estate Group's seven-story, 281,400 SF building, designed by Gensler, sits on a nearly three-acre site at the northeast corner of Hannum Avenue and Bristol Parkway.
It has an open floor plan design and fully adaptable 33,800 SF floor plates expandable to 45K SF, which allows for custom designs.
Culver City Mayor Jeffrey Cooper said attracting new offices and businesses to Culver City has always been part of his plan.
"One of my goals since being elected in 2010 was to attract, grow and retain tech, including digital, media, biotech, film and television content, by offering an attractive tax structure, a state-of-the-art city-owned fiber infrastructure, a transportation network offering several modality choices, a city staff that lays out the welcome mat and many cultural amenities that our city offers," he said.
DTLA's Olive Hill Group just obtained $41M for a fixed-rate refinancing for the Courtyard at Culver Pointe.
The Class-A creative office campus is at 200-300 Corporate Pointe. DataScience Inc., Paychex and Shiseido Cosmetics are among its tenants.
Newmark Realty Capital principal Andy Bratt and Vice President Amit Tyagi arranged the financing.
Olive Hill Group Vice President of Corporate Development and Legal Affairs Tim Lee said when it comes to investments, the firm focuses on adding value to its creative office properties to ensure long-term value upside.
Olive Hill Group also structured an earn-out, allowing up to $10M in additional funding as certain net operating income thresholds are met.
The company purchased the property in May of last year for $65.6M.
Hear from Cooper and learn more about what is happening in Culver City at the Bisnow Future of Culver City event at 7:30 a.m. Tuesday at Culver City Creative.
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