Jefferson Creative Campus changes hands
By Staff Writer
A developer has purchased a massive Culver City office campus for over $100 million, the latest transaction in the city’s rapidly growing development scene.
JV of Clarion Partners, LLC and Lincoln Property Company has acquired the Jefferson Creative Campus for $169 million. The three-building, 152,146-square-foot office campus sits at 5870, 5880 and 5890 W. Jefferson Blvd. in Culver City, CA. Fully-leased at sale, the site can support 600,000 square feet of new development.
NKF’s Kevin Shannon, Ken White, Rob Hannan, and Laura Stumm represented the sellers, Rader Properties Group VII, LLC and Rodeo Properties, LLC, with Ron Rader of Lee & Associates providing local market intelligence.
Major campus tenants include Spin Master, MedMen and Prana Studios.
“Culver City has emerged as the preferred location for creative/techtainment tenants including HBO, Apple, and Amazon given its supply of new construction, urban walkability, and centrality within Los Angeles,” said Shannon.
According to Shannon said Class-A office rent in the city has increased 70 percent in the past four years.
“Surging original content budgets have resulted in a seemingly insatiable need for office space, and most new construction has been delivered pre-leased,” added Stumm.