Fenway Capital Pays $126M for Stake In Silicon Beach Trophy Office
Developer Lincoln Property Group will remain minority owner and manager of the property in Culver City, Calif.
By Nick Trombola May 1, 2025 6:45 pm
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An investment firm based near San Diego is buying into a trophy office building in Los Angeles’ Silicon Beach, in one of the tech hub’s priciest deals so far this year.
Real estate investment firm Fenway Capital Advisors put down more than $126 million for a 347,000-square-foot building at 6181 Centinela Avenue in Culver City, dubbed Entrada, according to property records. Lincoln Property Company (LPC) and Broad Street Principal Investments — an affiliate of Goldman Sachs (GS) — sold the 3-year-old development , though LPC will stay on as minority owner and property manager.
. LPC and Broad Street, an affiliate of Goldman Sachs, paid $33 million for the property in 2018, records show, and took out a $142.5 million loan from Singapore-based United Overseas Bank to develop the 11-story office.
The building, which had some trouble finding tenants, is currently 75 percent leased. In November, LPC announced three fresh lease deals there, including 51,000 square feet for toy manufacturer Jazwares, 14,000 square feet for managed services firm Impact Networking, and 75,000 square feet for an unnamed “multinational advertising technology company.” Other tenants at Entrada include Deloitte, the trade desk and fitness company Equinox.
Representatives for LPC and for Fenway did not immediately respond to a request for comment.
Silicon Beach, which encompasses parts of Culver City, Santa Monica, Venice Beach, Playa Vista and other areas southwest of Downtown L.A., has become a veritable Silicon Valley of Southern California. The area has attracted hundreds of tech companies, ranging from small startups to conglomerates such as Google and Amazon. The tech craze, and the region’s beachside location on the L.A.’s Westside, have led to some high-dollar deals in recent years as investors attempt to get in on the action.
For example, LPC and Strategic Value Partners paid $187.5 million in October for The Bluffs, a 500,000-square-foot campus in Playa Vista. The pair bought the campus off Edward J. Minskoff Equities, which had acquired it in 2016 for an eye-popping $413 million before defaulting on a $250 million loan tied to the property in July. The new owners managed to secure their own $197 million financing tied to The Bluffs from Blackstone in November.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
