Culver City Office Combines Quality, Location for Buyer Appeal

An 111,384-square-foot office property in Los Angeles’ Culver City submarket recently sold to a partnership between Irvine-based Pendulum Property Partners and Boston-based Long Wharf Capital for $55.95 million. Buyer execs say the asset’s quality and location will position it for outperformance.

The four-story property is located at 3000 S. Robertson Blvd. and includes tenants as Kaiser Permanente and WeWork. It is positioned at the intersection of the 10 Freeway and Robertson Boulevard, down the street from Apple, Amazon and HBO which have been expanding its Los Angeles media operations in Culver City.

“This is Pendulum and Long Wharf’s second acquisition in a major media submarket of Los Angeles, following the purchase of 2901 Alameda in Burbank in May of this year,” says CBRE’s Todd Tydlaska. “It shows their strong belief in the strength of our region’s tech, media and entertainment companies, and the sector’s demand for high-quality office space.”

CBRE’s Mike Longo, Tydlaska, Sean Sullivan and Greg Grant represented the seller, Watt Properties and Edge Principal Advisors, in this off-market transaction. The CBRE team also procured acquisition financing for the buyer from a regional bank.

“Culver City continues to evolve as a major hub for the media and entertainment industry,” said Longo. “The seller recognized this market momentum when they acquired and renovated the property, and the new owners will carry forward the building’s success into the next era of this submarket.”

The property is near restaurants, bars, hotels, and extensive infrastructure investments such as Ivy Station, Platform, two new metro-line stops and the ongoing roadway and freeway improvements at Robertson and the 10 Freeway.