A different type of drug deal is happening in Culver City.
MedMen Enterprises, a now-public weed dispensary that offers cannabis products through iPads, signed a lease to occupy 18,000 square feet at an office building located near the Hayden Tract in Culver City, The Real Deal has learned.
Sources said the company signed a five-year lease at $4.50-per-square foot monthly, which translates to just under $1 million a year in rent. The lease is also a triple-net lease, meaning that in addition to rent MedMen will have to pay for traditional landlord expenses such as building maintenance and insurance.
MedMen will be relocating from another office in Culver City, at 8441 Warner Drive, to 5890 Jefferson Boulevard, which is part of a two-building office campus named Jefferson Palms. The space is located on the border of Hayden Tract, a neighborhood in Culver City that features a slew of Eric Owen Moss-designed buildings.
Jefferson Palms is owned by Rodeo Properties, which is tied to Home Silk Properties, property records show.
A representative from MedMen did not respond to requests for comment. Home Silk Properties could not be reached.
MedMen, led by Adam Bierman, its co-founder and chief executive, started trading on the Canadian Securities Exchange May 29. With more than 800 employees and 18 licensed facilities in California, Nevada and New York, the cannabis company has an implied evaluation of $1.65 billion, although it’s never posted a profit.
Fittingly, the company that bills itself as the Apple store of weed dispensaries will be in close proximity to Apple itself. The technology company recently agreed to lease all of of Lincoln Property Co.’s 128,000-square-foot building at 8777 Washington Boulevard in Culver City in January. Other companies that recently announced leases in Culver City include Amazon, WeWork and NFL Media.