Another commercial property in Culver City has been brought to the market. A property listing from Newmark shows that a 27,090 square foot, three story building in the heart of Culver City has been placed up for sale. While guidance pricing was not disclosed, public records show that the property last sold in 2016 for $11.15 million, or about $411 per square foot.
The building is located at 5995 S Sepulveda and is listed by Newmark’s Kevin Shannon, Laura Stumm, Ken White, Michael Moll and Rob Hannan. The property is currently owned by a subsidiary of Reading International Inc. and occupied approximately 50 percent by WorldWide Packaging LLC and 50 percent by Reading International under a long term lease. Reading International is also prepared to vacate its offices on the third floor or remain under a market lease structure depending on the preference of the buyer.
Built in 1973 and recently renovated in 2018, the property includes 12,000 square foot floor plates suitable for various tenants. The property also includes a basement and amenities like conference rooms and landscaped outdoor areas.
The property is situated adjacent to the 405 freeway, visible to over 316,000 vehicles per day. It is also directly across the street from Westfield Culver City and various other retail amenities. Culver City is also home to a number of media, tech and entertainment companies with a few including Google, Sony, HBO and Amazon. Overall, there are 2.9 million square feet of Class A office space on Los Angeles’ westside, according to Newmark.
The property is one of several Culver City sites to be placed on the market in recent months.
One property that was also recently listed by Newmark is a 4.53-acre development site at 5860 West Jefferson Blvd. Currently home to the 55,564 square foot Tin Can Studios, the site is entitled for a 344,947 square foot building.
