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April 5, 2020
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Urban Offerings and Meridian Group to Build 74k sf Creative Office Project at Edge of Culver City

3/05/20

Urban Offerings and Meridian Group are readying to move forward with development of a 74k sf, mixed-use creative office building in West Los Angeles. The venture has obtained $59.3 mil in non-recourse construction financing arranged by Dekel Capital and funded by an institutional fund manager.

The loan will be used for the demolition of an existing structure and the construction of a four-story, Class A creative office building that will include 5.6k sf of ground-level retail and parking for 175 automobiles. Located at 5950 Jefferson Blvd, the development site sits at the eastern gateway to Culver City, a city that continues to experience an influx of high-tech, media and gaming companies, creating ongoing demand for creative office space.

The site is immediately adjacent to Culver City’s architecturally distinctive Hayden Tract, home to a wide variety of startups and established technology companies. The property is also within walking and biking distance of the La Cienega/Jefferson light rail station on the Metro Expo Line, which connects downtown Los Angeles to Santa Monica.

Vacancies in the West Los Angeles submarket are on the decline, decreasing by 30 bps from the previous quarter to 11.7%, according to Cushman & Wakefield. Despite the new office supply that was delivered in 2018, the vacancy rate has dropped by 100 bps year-over-year.

Founded in 2005, Los Angeles-based Urban Offerings has a growing portfolio of adaptive reuse and new construction projects in urban infill sites. The company currently has more than $200 mil in creative office, multifamily and retail under development. This is the eighth joint venture between Urban Offerings and Meridian Group.

Construction is expected to be completed by June 2021.




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