8:00 AM
Newmark has completed three new leases totaling 22,724 square feet of space at 3000 South Robertson, a four-story, 109,184-square-foot office building in Culver City. The new tenants include: Michelson Foundation for 11,699 square feet; Universal Protection Services for 6,689 square feet; and Complete Care for 4,336 square feet. The new leases come on the heels of a recently-completed more than $5 million creative office renovation of the property by owner Watt Investment Partners, a Santa Monica-based investment firm.
Newmark Vice Chairman Brad Feld and Managing Director Alex Bergeson represented the owner in the lease transactions.
Watt Investment Partners purchased the asset in November 2015. Since that time, the building has undergone a significant creative renovation led by Wolcott Architecture. The creative repositioning includes a comprehensive renovation of the central courtyard and landscaping, implementation of street-facing fencing along Robertson Blvd, extensive renovation of the main lobby and common areas, as well as an update to the building’s façade featuring architectural metals and building top signage along the I-10 freeway and Robertson Blvd. The newly-enclosed central courtyard features an abundance of outdoor seating, WiFi and amenities including an outdoor ping-pong table and bike storage. Creative spec suites featuring exposed ceilings with spiral ducting, polished concrete/modern flooring, significant interior glass and high-end open galley kitchens are already built out and ready for move in, which are in high demand from today’s tenants.
“We saw great potential in this property. It has close proximity to the Culver City Metro Station providing tenants with efficient access to downtown Los Angeles and Santa Monica. Well-located transit options and the ongoing transformation of Culver City drove our desire to acquire it,” said Adam Siegman, managing director, Watt Investment Partners. “Now the investment in making it into a stand-out creative office property has been confirmed by the tenants who have already committed to the space.”
Culver City, specifically the Helms Bakery District, is undergoing a major transformation due to the expansion of the Expo line and transit-oriented development projects such as the 500,000-square-foot Ivy Station, the Platform and Access Culver City that are bringing a greater diversity of amenities and housing to the region. According to Newmark, the demand for transit-oriented creative office properties situated in urban, work/live/play environments is at an all-time high.
“The Helms Bakery District/Downtown Culver City has leapfrogged Playa Vista as the hottest, most sought-after submarket in Los Angeles. The ongoing gentrification, transit connectivity and trendy restaurants and bars have been the fuel behind this submarket’s rise to the top,” said Feld.
3000 South Robertson’s location puts it within a 10-minute walk of the successful PLATFORM retail center and Expo line. It’s proximity within Culver City’s high-profile Helms Bakery District and strong identity along the I-10 freeway delivers exposure to 300,000 cars per day driving past the building.
3000 South Robertson checks every box that today’s creative tenants demand including activated outdoor space, a dog run, creative interiors and exteriors, and immediate access to the full spectrum of amenities. The current full-floor availability of 30,000 square feet features private balconies and building-top signage, which is very challenging to find on the Westside.
“This is a great opportunity for tenants that need to be in this geographic location at a discount to the high-growth office rents characterizing most of the Culver City and Westside submarkets,” added Feld.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.