Blackstone Recaps Culver City Campus for Over $500M
LBA Realty has reeled in a whale of a partner for the One Culver creative campus in Culver City, Calif., Commercial Observer has learned.
To recapitalize the eight-story property, the Irvine-based investment firm agreed to a joint venture with Blackstone Real Estate Income Trust (BREIT) “in excess of $500 million,” a source said.
LBA did not return requests for comment. BREIT and Newmark (NMRK), which advised on the JV, both declined to comment.
One Culver features 395,272 square feet at 10000 Washington Boulevard, including 325,000 square feet of office, three sound stages, 15,000 square feet of retail and restaurant space, and an Equinox Fitness Club. It’s adjacent to Sony Pictures Studio near Amazon Studios and Sony Pictures Animation Campus.
One Culver was first built in 1986. Property records show LBA Realty acquired it for $159 million in 2014. The firm completed a Gensler-designed renovation in 2017.
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