January 28, 2020 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Developer Purchases Westside Jefferson Business Park for Over $70M

Zynga, XTEN Architecture, Hello Design among roster of tenants

By Sam Catanzaro

A developer has spent over $70 million in an off-market transaction to purchase the Westside Jefferson Business Park, shelling out nearly triple what the previous owner paid for the Culver City property five years ago.

This month Redcar Properties became the new owner of the 3.6-acre Westside Jefferson Business Park located at 10301 to 10395 Jefferson Boulevard. The previous owner, Lionstone Group, purchased the property in 2014 for $26.5 million according to the Commercial Observer.

The business park, which includes 76,000 square feet of office space, is already 93 percent leased with tenants including game-developer Zenga and Hello Design. Redcar Properties plans on increasing the amount of leasable space within the property over the coming years.

Just to the east of the Westside Jefferson Business Park sits a 3.6-acre property that the Coffee Bean & Tea Leaf intends to make into their headquarters.

Los Angeles-based Redcar has been active in the area carrying out developments, owning or managing over 34 buildings Culver City alone with dozens of other properties throughout the Westside. Among Redcar’s Culver City developments is a 17,000 square foot office building in the Hayden Tract.

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