Los Angeles – Nov. 4, 2021 – CBRE announced the sale of an 111,384 square-foot office property in Los Angeles’ Culver City submarket to a partnership between Irvine, Calif.-based Pendulum Property Partners and Boston-based Long Wharf Capital for $55.95 million.
CBRE’s Mike Longo, Todd Tydlaska, Sean Sullivan, and Greg Grant represented the seller, Watt Properties and Edge Principal Advisors, in this off-market transaction. The CBRE team also procured acquisition financing for the buyer from a regional bank.
The four-story property is located at 3000 S Robertson Boulevard and is leased by such tenants as Kaiser Permanente and WeWork. It is positioned at the intersection of the 10 Freeway and Robertson Boulevard and down the street from Apple, Amazon, and HBO who have been expanding their Los Angeles media operations in Culver City.
“Pendulum is very excited to partner with Long Wharf Capital on another acquisition in Los Angeles,” said Partner Daniel Wagman. “We believe that 3000 S Robertson’s high quality and proximity to one of the country’s most dynamic submarkets will position the asset for outperformance.”
The property sits near 50 restaurants and bars, 12 hotels, and extensive public and private infrastructure investments, including projects such as Ivy Station, Platform, two new metro-line stops and the ongoing roadway and freeway improvements at Robertson and the 10 Freeway.
“Culver City continues to evolve as a major hub for the media and entertainment industry,” said Longo. “The seller recognized this market momentum when they acquired and renovated the property, and the new owners will carry forward the building’s success into the next-era of this submarket.”
Added Tydlaska, “This is Pendulum and Long Wharf’s second acquisition in a major media submarket of Los Angeles, following the purchase of 2901 Alameda in Burbank in May of this year. It shows their strong belief in the strength of our region’s tech, media and entertainment companies and the sector’s demand for high-quality office space.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
About Long Wharf Capital LLC
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested over $875 million of equity in more than 55 investments across the U.S. with a gross value of $3.0 billion.
About Pendulum Property Partners
Pendulum Property Partners (Pendulum) is a fully integrated, privately held real estate investment firm that owns, operates, develops and manages commercial office and retail real estate. Led by an established team, Pendulum offers a wealth of experience delivered with high-touch, personalized service. Pendulum specializes in creating and executing upon value-add strategies utilizing its extensive real estate operating expertise. Pendulum core competencies include: Acquisitions and Dispositions, Asset Management, Property Management, and Construction & Development. Visit PendulumPP.com for more information.