Square Mile, Deutsche Bank Lend $232M on Culver City Creative Office Portfolio
The financing includes the (W)rapper Tower, which will be Culver City's first creative office tower.
By Cathy Cunningham December 5, 2018 4:42 pmreprints
Square Mile Capital Management and Deutsche Bank have provided $231.6 million in financing to Samitaur Constructs to refinance a creative office portfolio located in Culver City, Calif., Square Mile announced today.
The 319,395-square-foot portfolio includes the much-anticipated 16-story (W)rapper Tower building at 5790 West Jefferson Boulevard. When completed, the structure will be the first creative office tower in Culver City.
The property, designed by Eric Owen Moss Architects, has a steel ribbon exoskeleton and is set to include 180,548 square feet of office space and street-fronting retail. At 230 feet, it will tower above the lower surrounding buildings and boast 360-degree views as well as 20,000-square-foot floor plates.
“This is a unique opportunity to enter into another financing relationship in Los Angeles, a market where we would like to grow,” Brad Cohen, a senior managing director at Square Mile, said in prepared remarks. “In this case it’s with an experienced local operator who is developing a project that will include a future Culver City landmark. We believe this transaction demonstrates our platform’s ability to work on complex transactions and deliver creative, flexible solutions that allow us to challenge the market. This transaction is an excellent addition to our portfolio.”
Also included in the portfolio is a 49,900-square-foot newly constructed office property at 5860 Jefferson Boulevard that is fully leased to Nike, and a pair of office buildings that are 100 percent leased to five tenants including WeWork and Jukin Media (together comprising 88,947 square feet).
L.A.-based owner-operator Samitaur Constructs is led by Frederick Samitaur Smith and Laurie Samitaur Smith. The firm has acquired, developed and managed assets in Culver City for over three decades with a particular focus on adaptive re-use projects.
A spokesman for Deutsche Bank did not immediately respond to a request for comment. Officials at Samitaur Constructs could not immediately be reached.