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August 13, 2020
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Redcar Properties Buys 76k sf Creative Office Campus in Culver City


Redcar Properties has purchased Westside Business Park, a Class A creative office campus located at 10301–10395 Jefferson Blvd in Culver City. The price was around $73.5 mil.

Westside Business Park, which was 93.4% leased at the time of sale, totals 76k sf of space within three buildings situated in a 3.8‐acre campus setting in the dynamic and fast‐growing Culver City market. The property is home to a broad array of technology and media tenants including Kernel, Ziff Davis, Woven Digital, and Zynga.

The campus was completely renovated to the highest creative standards, and includes a loft‐style design with 20’ exposed ceilings, storefront window systems, skylights, operable aluminum windows, industrial roll up doors, polished concrete floors, outdoor gathering areas, and cutting‐edge common area art.

Bob Safai, Matt Case, and Brad Schlaak with Madison Partners acted as broker advisor on behalf of the seller, Lionstone Investments, a data‐analytics driven real estate investment firm based in Houston.

Lionstone’s analytics identified Culver City as an attractive market for investment in 2014 based on the concentrations of highly‐productive jobs and companies. The longtime home of Sony Pictures Studios and Culver Studios, it is one of the most desirable trade areas in Southern California and has seen explosive growth, particularly in the entertainment, media, and technology industries.

Companies ranging from nascent technology start‐ups to Fortune 500 powerhouses are flocking to this area, as evidenced by the recent commitments of international technology and entertainment heavyweights Amazon Studios, HBO, and Apple, which are all developing large regional facilities within Culver City. The levels of tenant in‐migration, office market performance, investor demand, and development activity in Culver City have surpassed nearly every other market in the region for the past several years, with a strong continued growth track predicted for the years ahead.

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