The investor behind the Los Angeles Rams’ $2.6 billion stadium development in Inglewood is now betting on the team’s old digs.
Stockbridge Capital Group, which is developing the Inglewood site with team owner Stan Kroenke, just acquired the Ram’s former headquarters in Culver City through a distressed liquidation sale for about $14.7 million, or about $445 a square foot, according to Real Capital Analytics. Harbor Associates was its joint venture partner in the purchase.
The seller of the 33,000-square-foot building at 10281 W. Pico Boulevard is one of its tenants, Spanish Broadcasting System Inc. The entertainment company will lease back its space from the new owners for the next six months, according to a release.
Long Beach-based Harbor Associates said it will reposition the property, which was built for the Rams in 1981, into creative offices. It plans to redesign the exterior and rename the property Bespoke Culver City. Renovations will also be made to its interior such as upgrading lobbies, restrooms and adding amenity spaces.
Andrew Kirsh of Sklar Kirsh represented the buyer. Kevin Shannon and Rob Hannan of Newmark Knight Frank represented the buyer and seller.
Harbor said the purchase is part of a larger plan to reach an acquisition goal of $250 million by the end of this year. The company was formed in 2015 as an private equity affiliate of the Bascom Group and has closed more than $1.7 billion in acquisitions and asset managed over $2.5 billion in assets totaling more than 3 million square feet of office, according to its website.
San Francisco-based Stockbridge Capital has $11 billion in total assets under management, as of March 31.