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

Los Angeles /
May.May 02, 2017 11:30 AM

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

arrow_forward_ios
Blackstone's Stephen Schwarzman with 6700 8th Street, 22642 Lambert Street and 23512 Commerce Center (Getty, PS Business Parks, LoopNet)
OC portfolio with 1.1M sf part of Blackstone acquisition
OC portfolio with 1.1M sf part of Blackstone acquisition
Brookfield’s Brian Kingston with 425 East Colorado Street (Brookfield's Real Estate Group, LoopNet)
Brookfield sells Glendale office building to owner-occupier
Brookfield sells Glendale office building to owner-occupier
Joel Schreiber and 801 South Broadway (Google Maps)
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Redcar Properties' Jim Jacobsen and 843 North Spring Street (LinkedIn, Lever Architecture)
Offices built with cross-laminated timber coming to Chinatown
Offices built with cross-laminated timber coming to Chinatown
Initiative to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Long Beach (Illustration by The Real Deal with Getty)
Downtown Long Beach office vacancy highest in 20 years
Downtown Long Beach office vacancy highest in 20 years
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...