A 180,000 square-foot office complex in the heart of the growing Inglewood community has hit the market. Located at 101-111 N. La Brea Avenue, the property consists of two office buildings with newly renovated spaces and plenty of parking, the listing by CBRE shows.
The office complex is called La Brea Crossing, and is listed as unpriced. However, it was last acquired by an entity associated with 111 N. La Brea LLC for $6.15 million in 2014.
Since then, the 1970s-era buildings have been fully renovated to include rooftop deck amenities, onsite security, updated valet and subterranean parking accommodations, a new lobby and onsite restaurant space.
According to the offering memorandum, the building at 101 N. La Brea Avenue currently offers 100 percent vacancy allowing for a company to move in at the time of purchase. Several tenants occupy individual office spaces within the 111 N. La Brea Avenue building. Tenants include WLM Financial, the U.S Probation and Parole Office and the Volunteer Center South Bay-Harbor-Long Beach Office.
Located in the Greater Los Angeles’ Inglewood neighborhood, the property is also near a wide variety of retail and entertainment amenities. Inglewood is home to Hollywood Park, a growing mixed-use development totaling 298 acres. The project is set to be fully complete by 2025 and is currently developed with the 70,000-seat SoFi Stadium, apartment communities and the NFL Media Center. The Property is also located near downtown Inglewood’s newest metro station, which will soon open at the intersection of Florence and La Brea, providing easy commutes to and from the office.
Inglewood has seen a lot of investment over the past several years, with approximately $6 billion invested for the SoFi Stadium, according to the offering memorandum. In addition, the nearby Youth Orchestra Center was recently completed for a total $14.5 million project cost. In total, the area has seen more than 1.8 million square feet in retail, residential and hotel development.
“With billions of dollars of investment going into Inglewood, the city is becoming a world class sports, entertainment, and cultural hub. Within the next decade, the city’s new Hollywood Park entertainment complex is scheduled to host the 2022 Super Bowl, the 2023 College Football Playoff National Championship, games for the 2026 FIFA World Cup, and the opening ceremonies of the 2028 Olympic Games. And, there is more to come. In phases, the Hollywood Park site will gain apartments, brand new retail, four public parks and a 300-room hotel. A national – and even international – spotlight will be on the city in years to come, shining a light on all the new developments,” the offering memorandum states.
CBRE did not respond to requests for comment.
