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

Bids could fetch up to $150M

Jul.July 23, 2019 04:00 PM
Blackwelder office campus and LPC’s David Binswanger
Blackwelder office campus and LPC’s David Binswanger

Lincoln Property Co. has put its 19-building office campus, known as Blackwelder, in Culver City on the market, The Real Deal has learned.

Sources said the first round of bids closed last week. It could fetch as much as $150 million, they added.

Blackwelder is an adaptive reuse project, comprised of 19 standalone buildings on a 6.4-acre campus. Geared towards media and entertainment tenants, the 157,600-square-foot complex features an industrial look with exposed steel frames and open floor plans.

The campus is located on the corner of La Cienega Boulevard and Fairfax Avenue, less than half-a-mile away from the Culver City Arts District.

Cushman & Wakefield has the listing.

Culver City has become one of the hottest submarkets in Los Angeles, drawing tech and media titans to the area. In the second quarter, HBO inked a deal for 241,205 square feet at Ivy Station, while Apple signed a lease for an additional 96,330 square feet at One Culver on Washington Boulevard.

Rents in the area have been growing as a result. The average asking price reached $3.80 per square foot last quarter, according to a report from Savills. Still, that’s more attractive than the Westside beach cities, which clocked in upwards of $5 per square foot.

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