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10/25/18
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The Luzzatto Company Inc recently acquired a 53k sf industrial building in Los Angeles that they intend to convert into creative office space. The building is located at 3339 Exposition Place, south of I-10 on the east side of Crenshaw Blvd.
Luzzatto believes the inherently attractive structural elements of the property, along with its transit-oriented location, make it a strong candidate for a creative office conversion. Originally built in 1952, the property contains an open floor plan with 25-foot, vaulted bow truss ceilings. Once the conversion work is completed in 2019, 3339 Exposition Place will feature a total of 56k sf of creative office space with exposed steel and wood structures, large windows to allow natural light to flood in, and an outdoor courtyard.
The property is located at the intersection of the Metro Expo Line and Crenshaw/LAX Line, which is currently under construction in West Los Angeles. The property’s location in the middle of the corridor affords it easy access to Santa Monica and Downtown Los Angeles, as well as to the downtown Culver City and the Hayden Tract creative office micro-markets. For those tenants who prefer to drive, parking will be provided via two-level parking stackers on the eastern portion of the building in addition to a surface lot on the other side of the Expo Line.
Paul Brindley, Jeff Sause and Spencer Richley with HFF arranged the acquisition financing for the property. The 30-month, non-recourse, floating-rate loan was funded through The TerraCotta Group. Loan proceeds were used to acquire the property, fund the creative office conversion and cover leasing costs.
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