Clarion Partners scoops prime Culver City dirt for $33M

The 1-acre development site is comprised of 4 lots near the city's downtown

Los Angeles /
Mar.March 12, 2019 10:00 AM
Clarion Partners CEO David Gilbert and 3835 Watseka Avenue in Culver City (Credit: Google Maps)

Clarion Partners made its latest move in Culver City with a $32.6 million purchase of four development lots near the city’s downtown.

The New York-based firm purchased a small building at 3835 Watseka Avenue and a series of adjoining parking lots leading toward Culver Boulevard. It is near the firm’s 128,000-square-foot office project at 8777 Washington Boulevard.

The lots total just under one acre. The building was home to the International Sons of Norway social club but property records show the club sold the location to clothing manufacturer Topson Downs in 2017, in for $7.2 million.

Clarion invests in a range of property types, but its recent developments in Silicon Beach are all offices.

Tech and media companies have flocked to Culver City over the last several years and developers are building creative office space and apartments at lightning speed to keep up.

Clarion is developing its Washington Boulevard project with Lincoln Property Company. HBO signed a lease for the entire building in 2017 as part of its new headquarters.

Clarion has also tapped into industrial demand in the L.A. area. In 2017 the firm fully leased its massive 60-acre Brickyard industrial complex in Compton after securing a lease with Best Buy. UPS leases more than 500,000 square feet there.


Related Articles

arrow_forward_ios
From left: Stephen Shapiro and Jason Oppenheim (Oppenheim Group, WEA Homes, Getty)
Mansion tax deadline looms, putting LA residential agents in tough spot
Mansion tax deadline looms, putting LA residential agents in tough spot
Deborah La Franchi and render of 10400 S. San Pedro (Tim Berger c/o SDS Capital, Getty)
Private equity takes on the supporting housing sector
Private equity takes on the supporting housing sector
Habitat for Humanity OC president Monique Davis and 1921 West Washington Avenue (Habitat for Humanity, Google Maps)
Habitat for Humanity to build duplexes in Santa Ana
Habitat for Humanity to build duplexes in Santa Ana
From left: Lexington Apartments, 1221 Ocean, Thea at Metropolis, and Vue Los Feliz
$500M sale tops list of LA multifamily deals in 2022
$500M sale tops list of LA multifamily deals in 2022
Beach City Capital's Jason Muller with rendering of 12763 Mitchell Avenue (Beach City Capital)
Beach City Capital to start work on Mar Vista apartments
Beach City Capital to start work on Mar Vista apartments
Skanska USA's Clare De Briere and renderings of the project at 8633 Wilshire Boulevard in Beverly Hills (LinkedIn, Skidmore, Owings & Merrill)
Skanska USA redesigns office building in Beverly Hills
Skanska USA redesigns office building in Beverly Hills
(Photo Illustration by Steven Dilakian for The Real Deal with Getty)
California’s growth proposition called into question again
California’s growth proposition called into question again
Arman Gabaee (Daily Breeze)
Developer Arman Gabaee gets 4 years in prison for ‘systemic corruption’
Developer Arman Gabaee gets 4 years in prison for ‘systemic corruption’
arrow_forward_ios

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

Loading...