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.

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