Clarion Partners, Lincoln Property Close $169M Office Buy
- Feb 06, 2020
The Rader Co. and Rodeo Properties have sold Jefferson Creative Campus, a three-building office asset in Los Angeles, for $169 million. The buyers, Clarion Partners and Lincoln Property Co., were self-represented, while Newmark Knight Frank and Lee & Associates assisted the sellers.
Constructed in the 1940s, the property encompasses 152,146 square feet of office space and is part of a campus with further development potential of more than 600,000 square feet of office space. Located at 5870, 5880 and 5890 W. Jefferson Blvd., on approximately 7 acres, the asset is in an Opportunity Zone in Culver City. The business park has undergone renovations that included the addition of electric car charging stations, polished concrete flooring, outdoor meeting areas and drought-tolerant landscaping.
The Culver City submarket—thanks to its urban walkability, central location within Los Angeles and supply of new development—has become a favored location for creative giants such as HBO, Apple and Amazon, explained NKF Co-Head of U.S. Capital Markets Kevin Shannon. The asset is within 7 miles of Los Angeles International Airport. Jefferson Creative Campus is fully leased to firms such as Spin Master, MedMen and Prana Studios.
The team led by Shannon, along with Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm represented the seller, while Ron Rader, a principal with Lee & Associates, provided local market intelligence. In December 2019, Shannon was part of a team that facilitated the $195 million sale of the UNFI Distribution Center in Centralia, Wash.