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August 12, 2020
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Creative Office Campus in Culver City Trades for $169 Mil


A venture between Clarion Partners LLC and Lincoln Property Company has acquired Jefferson Creative Campus, a fully leased 152.1k sf office asset located at 5870, 5880 and 5890 W. Jefferson Blvd in Los Angeles, for $169 mil ($1,111/sf). Situated on approximately seven acres within an Opportunity Zone in the Culver City submarket, the three-building campus includes excess development potential that would allow for more than 600k sf of office buildings.

Jefferson Creative Campus’ major tenants include Spin Master, MedMen and Prana Studios. Located in the city’s Hayden Tract, the campus has been renovated over the last decade and offers polished concrete flooring, electric car charging stations, drought tolerant landscaping and outdoor meeting areas.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Director Laura Stumm represented the sellers, Rader Properties Group VII LLC and Rodeo Properties LLC. Ron Rader of Lee and Associates also represented the sellers and provided key local market intelligence. The buyers were self-represented.

“Over the last 35 years, ownership, with a critical eye, has continually repositioned the property to meet current tenant demand,” said Rader. “Today, tenants have repeatedly demonstrated a willingness to pay a premium for the high-end, restored, creative office space that the Jefferson Creative Campus provides to attract and retain talent.”

“Culver City has emerged as the preferred location for creative/techtainment tenants including HBO, Apple and Amazon, given its supply of new construction, urban walkability, and centrality within Los Angeles,” said Shannon. “Surging original content budgets have resulted in a seemingly insatiable need for office space and most new construction has been delivered pre-leased,” added Stumm.

With Culver City tenants including Apple, Amazon, HBO and Sony, the submarket has become the global epicenter for original content creation. Class A asking rents in here have risen 70% over the last four years supported by a supply of newly developed office product.

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