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11/03/16
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More big news from LA’s Arts District, as Tishman Speyer paid $24.5 mil for a 1.7-acre creative office campus situated alongside the Los Angeles River on Bay and Sacramento streets. It was sold by Lion Real Estate Group and the Borman Group, who had repositioned the former industrial buildings into a creative office campus.
The property now includes the 38k sf World HQ space of ground-breaking transportation technology company Hyperloop One, who may take additional space in the future. The campus is adjacent to the new SoHo House location and is two blocks from Warner Music Group’s new West Coast headquarters at The Ford Factory. Warner just two weeks ago agreed to lease the entire, 275k sf Ford Motor Factory at 777 South Santa Fe Ave building in a 13-year deal said to be worth around $130 mil, as reported on RENTV at the time.
John Zanetos and Brandon Gill of CBRE represented the seller in the transaction. Zanetos’ team also negotiated the Hyperloop One lease on behalf of the ownership as well as the Warner Music lease.
“The Arts District has been evolving from a purely industrial market into a live-work-play neighborhood,” Gill said. “The arrival of institutional money from such investors as Tishman Speyer illustrates and supports this metamorphosis and cements the Arts District as a desirable creative office market not just for this region but nationwide.”
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