Despite a number of challenges facing the Los Angeles office market, several properties have been placed on the market in recent months. One property to be listed for sale is the Buckingham Heights Business Park, a 409,329 square foot campus in Culver City, according to a listing from Lee & Associates.
The 19-acre campus consists of 13 separate buildings with addresses including 5700, 5701, 5711, 5721, 5730, 5731, 5741 and 5751 Buckingham Parkway as well as 5601, 5701, 5711, 5721 and 5731 W Slauson Avenue. Property records show that the office campus is currently owned by Buckingham Heights Lease LLC, an entity linked to Fred Kimiabakhsih of Beverly Hills.
The property offers both creative office and light industrial/flex space, serving a variety of users. Additionally, the space includes over 1,156 striped parking spaces.
The listing shows that the property is 90 percent leased to a mix of tenants, including Pacific Rim, Sylvan Learning of Culver City, Afscme and Gmt Studios, among many others.
The property is also located within close proximity to various other companies, including both TikTok Inc. and Sony, with other companies throughout Culver City including YouTube, Amazon and Apple. In addition, the site is closely located to Interstate 405 and various retail properties, like Westfield Culver City.
In general, West Los Angeles’ office market has been faced with a number of challenges over the course of 2022. A fourth quarter Westside Los Angeles office market report from Lee & Associates shows that sales activity has dropped overall while vacancies continue to increase. The vacancy rate at the end of the fourth quarter reached 19 percent compared to 17.6 percent the year prior. Average asking rents during the fourth quarter also increased slightly to $4.40 per square foot, compared to $4.38 per square foot during the same time last year. However, large companies in the area like Disney and Snap, Inc. have brought employees back into the office for four days per week. With other companies expected to follow suit, Lee & Associates predicts more spaces to be occupied in the coming quarters.
