Henkel, Dentsu Aegis ink 98k sf of leases at IDS complex in Culver City

Deals are valued at $27M apiece: sources

May.May 02, 2017 11:30 AM
IDS CEO David Mgrublian and a rendering of C3 at 5800 Bristol Parkway

IDS Real Estate Group secured the first two tenants for its near-complete C3 creative office development in Culver City, the firm announced Tuesday.

Marketing firm Dentsu Aegis Network and consumer brand company Henkel will occupy a combined 98,000 square feet of space across two floors at 5800 Bristol Parkway.

The two companies both inked 10-year leases at about $4.60 per square foot a month, valuing their respective deals at about $27 million each, a source familiar with the transactions told The Real Deal.

The 283,000-square-foot, seven-story C3 complex is now 35 percent pre-leased.

The landlord was represented in the transaction by JLL’s Carl Muhlstein and Hayley Blockley, along with Dave Saeta and Rob Fuelling in-house. Henkel was represented by Alex Hayden, Travis Boyd, Rob Waller and Patrick Amos of CBRE, while Dentsu was represented by Katie Bernhisel and Dillon Moscone of Cushman & Wakefield.

IDS, led by CEO David Mgrublian, developed the building in partnership with an affiliate of PNC Bank. The Gensler-designed project is slated for completion by the third quarter of 2017 and tenants are scheduled to move in by November. The office complex will feature 25-foot ceilings, expansive balconies on each floor and an open courtyard.

Muhlstein said the deals were unusual, since “pre-leasing in creative office is unheard of.”

Henkel is expanding from its 6,000-square-foot space next door at 600 Corporate Pointe, he said. Dentsu is migrating from 2700 Pennsylvania Avenue in Santa Monica, effectively doubling its space with the new 49,000-square-foot lease.

Related Articles

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Homes in some parts of LA grew more than 60 percent over five years (Credit: iStock)

Up, up and away: Home prices soared 60% over 5 years in some parts of LA

Blackwelder office campus and Kilroy CEO John Kilroy

Kilroy Realty will pay $185M for Culver City media-focused office campus: sources

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)

Developer behind (W)rapper Tower now planning a 22-story office tower in West Adams

Blackbird founder Bridgid Coulter and the Culver City space as of August

Co-working newcomer Blackbird, focusing on women of color, will open in LA

Credit Karma CEO Kenneth Lin

Credit Karma latest Bay Area company to plant flag in Culver City

Blackwelder office campus and LPC’s David Binswanger

Lincoln Property Co. puts Culver City office campus on the market