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.

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