Newmark is announcing a new tenant, The RealReal, an online luxury consignment company, for Exposition PL. 3317-25. The RealReal will occupy the entire 29,690-square-foot creative office conversion located at 3317-3325 W. Exposition Blvd. in the Exposition Place District of Los Angeles.
Newmark’s Vice Chairman Brad Feld, Senior Managing Director Chris Beck and Managing Director Alex Bergeson represented the owners Lion Real Estate Group and The Borman Group, two LA-based real estate investment and development firms. Newmark Senior Managing Director Jennifer Frisk and Executive Managing Director Shannon Aja represented the tenant The RealReal in the transaction.
The two-story brick building features exposed steel beams, wood bow-truss ceilings and a large column-free space with an open galley kitchen space and partial loading/distribution option. Exposition Pl. 3317-25 benefits from a central location steps from the Metro’s Expo/Crenshaw station. The RealReal is moving one of its LA Luxury Consignment offices from Century City to the new location. Move in is expected by late 2019.
“A surge of new companies and highly-skilled young professionals are entering the area as a number of high-profile developments near completion. With the recent opening of the Metro Expo Line connecting West LA to all areas of the city and the anticipated opening of the north/south Crenshaw Metro Line connecting the rail system to LAX, commuting to Downtown, the Westside, K-Town, Hollywood, Burbank, Glendale and Pasadena has and will become increasingly simple within this pivotal location in the center of Los Angeles,” said Feld.
To that point, the area will be adding a number of new residential and retail developments including the 492-unit Watt Development, an Olson development encompassing 100 townhomes and condominiums, as well as the 27,000-square-foot District Square featuring shops and restaurants.
About Lion Real Estate Group, LLC
Lion Real Estate Group, LLC is a Los Angeles-based real estate investment and development firm founded in 2007 by Jeff Weller and Mory Barak. Lion Real Estate Group focuses on acquisition of value-add and opportunistic multifamily and creative office properties by leveraging its principals’ experience in order to create value for its investors through renovation, repositioning, better management and optimum capitalization of its properties. Lion has an entrepreneurial team that possesses a track record in the execution of sophisticated investment strategies and has been a part of more than $1 billion of joint venture, equity and mezzanine real estate transactions. The firm currently owns and operates 2,454 units across seventeen multifamily properties and two office properties located in the Los Angeles, Nashville, Durham, Dallas, and Austin areas.
About The Borman Group, LLC
The Borman Group, LLC, is a real estate re-development company focused on the preservation of vintage buildings and the revitalization of urban submarkets in Southern California.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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