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11/15/19
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GPI Companies has obtained $119.3 mil in construction money for the development of West End, an adaptive, creative office conversion of a former Macy’s department store in West Los Angeles. The project is part of what was previously the Westside Pavilion retail center, located along Pico Blvd between Overland Ave and Westwood Blvd.
West End will consist of approximately 230k sf of Class A creative office and ground-floor retail and restaurant space. The $180 mil project will feature expansive outdoor courtyards, a common outdoor amenity space, large floor plates, abundant new parking, exceptional floor-to-ceiling heights and large windows.
West End is centrally located on six acres at the intersection of Pico Blvd and Overland Ave in a densely populated area of West Los Angeles. This location is close to the Interstate 10 and 405 Freeways as well at the newly opened Exposition Line of the MTA, providing convenient commuter access. Additionally, West End is close to the highly affluent neighborhoods of Malibu, Santa Monica, Pacific Palisades, Cheviot Hills and Brentwood, as well as UCLA’s main and medical campus and the headquarters of several entertainment studios.
The two-year, floating-rate loan was arranged by JLL’s Kevin MacKenzie, Greg Brown, Jeff Sause and Peter Thompson. It was funded through ACORE Capital, a leading commercial real estate finance company. Completion is scheduled for the first half of 2021.
In addition to West End, another larger portion of the Westside Pavilion is being converted into a 584k sf office project by Hudson Pacific Properties and Macerich. That space has already been fully leased by Google. Both projects will utilize the former Macy’s 1,500-space parking garage that was purchased by GPI for around $50 mil in 2017.
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