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

The company is trading on Canada’s stock exchange

Los Angeles /
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

arrow_forward_ios
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)

Contractors pull out as Oceanwide Center sale falls through again

Contractors pull out as Oceanwide Center sale falls through again
8771 Washington Blvd. (Google Maps, iStock)

Apple snags Culver City offices, warehouses in $162M deal

Apple snags Culver City offices, warehouses in $162M deal
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Jeffrey Worther and Blackstone’s Jonathan Gray with (clockwise from top left) Media Studios, The Point, 3800 Alameda and Central Park (Getty)

Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio

Here’s what tenants pay in Blackstone and Worthe’s Burbank office portfolio
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Hudson Pacific Properties CEO Victor Coleman and Sunset Las Palmas Studios (Google Maps, iStock)

Hudson Pacific studio revenue takes hit

Hudson Pacific studio revenue takes hit
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
Brookfield CEO Brian Kingston and 725 South Figueroa Street

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza
arrow_forward_ios

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

Loading...