Real estate group purchases Blackwelder office complex
By Sam Catanzaro
As Amazon, Apple, HBO and other companies move forward with expansions in Culver City, a real estate firm is hoping to court more entertainment developments after acquiring the 6.9-acre Blackwelder office complex on La Cienega for nearly $200 million.
Last month Kilroy Realty Corporation purchased the 6.9-acre Blackwelder campus, located at 3101-3243 South La Cienega Boulevard, for $186 million. The property is currently developed with 19 one-and two-story office buildings containing 158,000 square feet of rentable space. The property is presently fully-leased, with current tenants paying around 35 percent below market rents.
“In recent years, Culver City has become a magnet for the area’s creative industries and their employees. Major media content producers in the area now include Amazon, Apple, HBO and Sony Pictures. Class A office space in Culver City has experienced rapid rental rate growth in the past three years and vacancy rates are now at frictional levels,” Kilroy Realty Corporation said in a press release. “The Company intends to significantly increase the project’s square footage through the redevelopment of the campus over time.”
The site is in close proximity to the Hayden Track and downtown Culver City. It also offers multiple transit options, including access to public transportation, including the Expo Line which is about a five-minute walk from Blackwelder. The site offers easy access to Interstates 405 and 10 as well as LAX.
In addition, the Blackwelder campus is right by Kilroy’s The Cumulus project, which is under construction and is scheduled to deliver in 2021 right by the Expo La Cienega/Jefferson Station. The Cumulus project will include 1,200 residential units, including a 30-story residential tower and 100,000 square feet of retail space.