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The Real Deal Los Angeles

Invesco picks up Costa Mesa’s Hive campus for $84M

Atlanta firm has invested nearly $190M in LA area over the last year
By Dennis Lynch | October 29, 2018 12:00PM

Invesco Real Estate Co. CEO Scott Dennis and the Hive campus

Invesco Real Estate has paid $84 million for the three-building Hive creative office campus in Costa Mesa.

The 181,800-square-foot complex sits on 14.2 acres at 3333-3337 Susan Street and is entitled for another 65,000 square feet of development, according to the Orange County Register. The complex has five tenants and is 82 percent leased.

The seller was a joint venture of Goldman Sachs and Steelwave, which purchased the complex in 2015 for $48 million and renovated it into a creative campus at a cost of around $22 million, according to Newmark Knight Frank, which represented the partners. The sale closed on October 11.

Invesco Real Estate is the real estate arm of Atlanta-based investment manager Invesco. It’s making some big moves around L.A. In September, it forked over $52.5 million to Canadian financial services company Sun Life Assurance Co. for a half-million-square-foot distribution center in Riverside.

In March, the company paid Seritage Growth Properties around $50 million for a stake in its Mark 302 creative conversion project in Downtown Santa Monica. It also owns the Runway Playa Vista complex, Playa Vista’s main retail hub.

The Hive’s most notable tenant is the Los Angeles Chargers football franchise. The team leases 101,800 square feet there for its headquarters. The team has its practice facility on 3.2 acres adjacent to the complex. Other tenants include Lazy Dog Café, Coding Dojo, Agility Fuel Solutions, and Steelwave. [Orange County Register] – Dennis Lynch