Clarion Partners scoops prime Culver City dirt for $33M

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

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.

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