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
LA city council to mull requiring vaccine proof at indoor venues
LA mulls vaccine mandate for indoor spaces
LA mulls vaccine mandate for indoor spaces
Hudson Pacific plans to grow studio portfolio, but isn’t giving up on offices
Hudson Pacific plans to grow studio portfolio, but isn’t giving up on offices
Hudson Pacific plans to grow studio portfolio, but isn’t giving up on offices
Hotel sales in California “completely rebound” from 2020 levels
Hotel sales in California “completely rebound” from 2020 levels
Hotel sales in California “completely rebound” from 2020 levels
City Tower at 333 City Boulevard West (KBS Capital Markets Group)
Opal Holdings pays $150M for Orange County office tower
Opal Holdings pays $150M for Orange County office tower
Redcar Properties CEO Jim Jacobsen with Dynasty Center (Google Maps, Industry Partners)
Redcar buys Dynasty shopping center in Chinatown
Redcar buys Dynasty shopping center in Chinatown
Sandstone Properties CEO Eri Kroh with a rendering of the project (Sandstone, The Jeff Hotel)
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Culver City approves `The Jeff,’ Sandstone Properties’ 175-unit hotel
Apple delays return to office by a month
Apple delays return to office by a month
Apple delays return to office by a month
Stos Partners Principal CJ Stos and 159 N San Antonio Avenue 
Stos Partners pays $22M for Pomona warehouse
Stos Partners pays $22M for Pomona warehouse
arrow_forward_ios

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

Loading...