Fully leased C3 campus in Culver City seeks $280M

IDS Real Estate developed the 311K sf property with PNC Realty Advisors

Jan.January 16, 2019 02:00 PM
From left: IDS’ CEOs David G. Mgrublian and Murad Siam, and PNC Chairman William Demchak, with the C3 campus in Culver City

A newly built office campus leased to a mix of tech and entertainment tenants has hit the market, the third large Westside office property to come on sale in the last month.

The developers are seeking $280 million for C3, a 311,000-square-foot modern office building in booming Culver City, The Real Deal confirmed. That pencils out to about $900 per square foot.

A joint venture between IDS Real Estate and a pension fund managed by PNC Realty Advisors completed the project about 15 months ago. It has since been fully leased.

Gensler designed the seven-story campus, located at 5800 Bristol Parkway. It features a private fitness center, an outdoor kitchen, bocce courts, a dog park and an amphitheater.

Newmark Knight Frank has the listing. Real Estate Alert first reported the news.

ByteDance, a Chinese media startup with a $75 billion valuation, recently brought the campus to 100 percent occupancy with its 119,000-square-foot lease. Other tenants include music management company Red Light Management, marketing firm Dentsu Aegis Network and Henkel, a consumer brand company .

C3 is the latest property to hit the market this month as developers look to capitalize on a strong office market and high occupancy rates at their buildings. Last week, Tishman Speyer put two of its office campuses in Playa Vista — the Brickyard and Collective — on sale for a combined $600 million or higher. They are leased by Facebook and Yahoo, respectively.

Related Articles

Homes in some parts of LA grew more than 60 percent over five years (Credit: iStock)

Up, up and away: Home prices soared 60% over 5 years in some parts of LA

Blackwelder office campus and Kilroy CEO John Kilroy

Kilroy Realty will pay $185M for Culver City media-focused office campus: sources

5800 Green Valley Cir, Culver City (Credit: Google Maps)

Jones & Jones buy multifamily property in bustling Culver City

amitaur Constructs founders Laurie and Frederick Samitaur Smith and the development site (credit: Getty Images and Google Earth)

Developer behind (W)rapper Tower now planning a 22-story office tower in West Adams

Blackbird founder Bridgid Coulter and the Culver City space as of August

Co-working newcomer Blackbird, focusing on women of color, will open in LA

Credit Karma CEO Kenneth Lin

Credit Karma latest Bay Area company to plant flag in Culver City

Blackwelder office campus and LPC’s David Binswanger

Lincoln Property Co. puts Culver City office campus on the market

Culver City Mayor Meghan Sahli-Wells and Culver City city hall

This LA city may become latest to impose a rent freeze