Dope Deal: Weed dispensary MedMen signs new 18K sf lease in Culver City

The company is trading on Canada’s stock exchange

Jun.June 05, 2018 02:15 PM
MedMen co-founder & CEO Adam Bierman, with the property

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.

Related Articles

Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Jefferson Creative Campus sells for $169M in Culver City (Credit: Newmark Knight Frank)

Lincoln, Clarion snap up Culver City office campus for $169M

A multifamily building could replace this auto body shop (Credit: Google Maps)

Bastion plans 139-unit project on doorstep of booming Culver City

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)

Redcar pays $74M for Culver City office complex, eyes expansion

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams