WESTSIDE BUSINESS PARK | 10301 – 10395 JEFFERSON BLVD | CULVER CITY | CA
February 24, 2014: Madison Partners is pleased to announce the sale of the Westside Business Park — a 71,749 square foot creative office campus located in the heart of Culver City, California. Originally constructed in 1979, the Property underwent a comprehensive space-by-space renovation in 2010 – 2013, which included a creative loft style design with 20’+ ceilings, sky-lights, polished concrete floors, operable aluminum windows, comprehensive landscaping, outdoor patios, and industrial roll-up doors.
The property is currently 93% leased to a high quality, diverse tenant roster. “This asset is well positioned to benefit from immediate upside in rents as the creative office market in Culver City continues to demonstrate positive absorption and rent growth”, said Matt Case of Madison Partners. Bob Safai added, “The acquisition of the Westside Business Park further substantiates institutional capital’s continued investment in creative office product and the fact that this product is here to stay.”
Bob Safai and Matt Case of Madison Partners represented the Seller in the widely marketed transaction that resulted in a sale price of $26,450,000. Madison Partners also arranged the acquisition financing in the amount of $18,250,000 for the buyer, CF Culver City LP.