Olympic-Bundy Media Campus Trades Hands for $89 Million
- Sep 07, 2012
The Olympic-Bundy Media Campus has been snapped up by Hudson Pacific Properties, Inc. according to a statement the company released via its official website. The company had hinted at this move earlier this year when it announced that it had entered a purchase agreement for the acquisition of the property. The deal had a reported price of $89 million.
The Olympic-Bundy Media Campus stretches over 11.55 acres of land and four different buildings that offer a total of approximately 233,600 square feet of space. Only 84,200 square feet are currently leasable and this portion of the property bears a 64 percent occupancy rate. Online advertising technology company Rubicon Project is the current lease holder in a deal that is set to expire at the end of May 2013.
The remainder of the square footage will undergo a complete makeover and be turned into best-in-class creative office space by Q1 of 2014. The urgency for the remodeling comes from West LA’s status as an emerging technology, entertainment and media hot spot. Located at 1901, 1925 and 1933 South Bundy Drive and 12333 West Olympic Boulevard, the media campus has been touted by Hudson Pacific Chairman and CEO Victor J. Coleman as “an exciting opportunity to leverage our design, repositioning and leasing expertise and create significant value for our shareholders.”
Hudson Pacific is a full-service, vertically integrated real estate company that will be looking to add value to the project as it improves its tenant roster. The company is already gearing up for an aggressive campaign to get the space it has snagged filled up through “initial design efforts… and early marketing activities,” the company’s CEO stated.
Image courtesy of Google Maps.