Culver City Creative Office Campus Sold for $39.1M
February 11, 2019
By Hannah Madans for the LA Business Journal
Pasadena-based Alexandria Real Estate Equities Inc. has purchased Bristol 61, a four-building creative office campus in Culver City for $39.15 million, according to a source familiar with the matter.
Alexandria Real Estate Equities did not immediately return requests for comment.
The campus was purchased from Boston-based Intercontinental Real Estate Corporation and San Francisco-based The Swig Company. The two announced the sale Feb. 11. The properties last changed hands for $20.2 million in 2014, according to CoStar data.
The campus, at 6100 to 6160 Bristol Parkway, is a 75,941-square-foot campus. It was formerly known as Fox Hills Business Park.
"We saw the potential of this property to offer a lower cost alternative to smaller companies wanting the same creative campus atmosphere being offered in Playa Vista,” said Tomas Schoenberg, executive vice president of investments for The Swig Company, in a statement. “We believed, and ultimately proved, that a well-conceived creative makeover of Bristol 61 with its convenient location, ease of access to major freeways, ample parking and open, voluminous creative interiors would appeal to creative and life-science companies doing business with the large tech, content and life science companies in Playa Vista and the greater Westside.”
Newmark Knight Frank’s Kevin Shannon, Rob Hannan, Laura Stumm, Ken White and Mike Moll represented the sellers. The buyers represented themselves in the transaction.
Commercial real estate reporter Hannah Madans can be reached at email@example.com. Follow her on Twitter @HannahMadans
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External Link: http://labusinessjournal.com/news/2019/feb/11/culver-city-creative-office-campus-sold-391m/