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May 28, 2020
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Spec Office Project in DTLA’s Arts District to Move Forward with $52 Mil in Construction Money


Produce LA, a ground-up luxury spec office development in the Arts District of Downtown Los Angeles, is set to move forward after landing $52 mil in non-recourse construction financing. Located at 640 South Santa Fe Avenue, the 71.4k sf development site is situated within an Opportunity Zone in the Arts District of Downtown Los Angeles.

When complete, the mixed-use development will stand four stories tall, span 113.6k sf, and consist of Class A creative office space with restaurant and retail spaces on the ground floor and a 4.3k sf rooftop terrace offering sweeping views of the Downtown Los Angeles skyline. The building will sit above two levels of subterranean parking bolstered by an adjacent 64-stall surface lot totaling 216 parking spaces for the property.

The development site is located less than one block south of Sixth St and is adjacent to the Sixth Street Viaduct project, a new bridge and 12-acre park opening in 2020, as well as the proposed Sixth Street metro station. Produce LA also benefits from proximity to an array of top restaurants, coffee shops, and entertainment venues, all within walking distance. Major nearby tenants include Warner Music, Spotify, Soylent, Adidas, USC School of Art & Design, Honey, Fox, and Hyperloop One.

The three-year loan, provided by a balance sheet lender, features a floating rate, two one-year extension options, and full-term interest-only payments. It was arranged by Seth Grossman and Sarah Kuebler with Meridian Capital Group.

The Arts District is located southeast of Bunker Hill and the Civic Center, emerging as one of Downtown’s premier creative office districts and a highly sought-after location for technology and media companies. The area also has a rapidly growing residential population consisting of many of Los Angeles’ film and television employees and a growing millennial workforce. Produce LA is situated less than two miles from Union Station and less than five miles from 1-10, providing easy access to all of Southern California.

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