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Creative Office Campus in West Adams Secures C-PACE Financing
JLL Capital Markets said Thursday that it secured $32.4 million in C-PACE financing for Depot & Atlas, a 107,156-square-foot, true Class A creative office campus in the West Adams submarket of Los Angeles. JLL worked on behalf of the borrower, The Luzzatto Company, to secure the C-PACE capital through Nuveen Green Capital.
Depot & Atlas, located at 3609-3645 10th Ave., includes two Class A creative office buildings with two stories of subterranean parking. 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 94,726-square-foot creative building, in late 2023 and redeveloped the neighboring Atlas building.
The JLL Debt Advisory team was led by senior managing director Jeff Sause and associate Lauren Sackler. “We were able to secure competitive C-PACE financing that allowed for a cash-neutral execution,” said Sause. “This transaction highlights the continued appeal of well-located creative office spaces in strategic submarkets like West Adams.”
- ◦Financing
