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7/11/25
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The Luzzatto Company has obtained $32.4 mil in C-PACE capital for Depot & Atlas, a 107.2k sf, Class A creative office campus in Los Angeles’ West Adams submarket.
Depot & Atlas, located at 3609-3645 10th Ave, consists of two buildings with two stories of subterranean parking situated on 1.3 acres at the corner of Exposition Blvd and 10th Ave. The campus benefits from exceptional transit connectivity, being adjacent to the Exposition/Crenshaw light rail station that connects Santa Monica, Culver City and Downtown Los Angeles, resulting in a growing tenant base seeking best in class space in the submarket.
The Luzzatto Company acquired the property off-market in late 2019, drawn to its transit-oriented location within an opportunity zone. The developer completed Depot, a 94.7k sf creative building, in late 2023 and redeveloped the neighboring Atlas building, which spans 12.4k sf.
The property was designed by HLW International and received top honors from the Los Angeles Business Journal at their 2024 Commercial Real Estate Awards. The property is 39% leased, anchored by the Los Angeles Department of Mental Health occupying the entire first floor of the building.
The West Adams submarket has emerged as a vibrant creative district, benefiting from its proximity to several high-profile developments including Baldwin Hills Crenshaw Plaza, Crenshaw Crossing and Cumulus. The property is also surrounded by notable businesses including HBO and two of the Big Five technology companies, which collectively occupy over 1 msf of office space within four miles of the asset.
Jeff Sause and Lauren Sackler with JLL Capital Markets arranged the financing, which was funded through Nuveen Green Capital, a leading provider of sustainable commercial real estate financing solutions. The financing enabled The Luzzatto Company to pay down existing debt, which will result in significant savings, while positioning the property for long-term success.
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