ACORE Lends $52M on Fox Media Campus Acquisition in LA
By Cathy Cunningham December 6, 2021 5:02 pm
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Beacon Capital Partners has landed $51.7 million in acquisition financing for its purchase of the Fox Sports media office campus at 1440 South Sepulveda Boulevard on L.A.’s Westside, Commercial Observer has learned.
ACORE Capital provided the 60-month loan, which will also partially fund a renovation of the 110,553-square-foot asset, while Cushman & Wakefield negotiated the debt.
Fox Corporation purchased the building’s site for $50 million in the late 1990s.
In April, CO reported that Fox was seeking a buyer for the asset, and pursuing a sale-leaseback transaction. The media conglomerate was targeting a seven-year deal for approximately 40,190 square feet — or roughly one third of the space — sources told CO at the time, leaving the remainder of the building vacant for new tenants.
The campus sits in a prime location, opposite the 405 Freeway and near the University of California, Los Angeles campus, and in close proximity to other tech and media giants including Amazon, Google, Apple and Facebook.
With the purchase, Boston-headquartered Beacon Capital is only adding to its already well-established L.A. portfolio. The firm owns a number of assets in the area, including Pacific Concourse, a three-building office campus close to Los Angeles International Airport, which it acquired in 2018.
Beacon Capital, ACORE Capital and C&W officials declined to comment.
Cathy Cunningham can be reached at ccunningham@commercialobserver.com.
