Luzzatto Co. assembling creative office hub in West Adams

The local developer has a half-dozen properties and 140K sf of space in various stages of development

Dec.December 11, 2019 03:00 PM
3339 Exposition Blvd. and Asher Luzzatto
3339 Exposition Blvd. and Asher Luzzatto

The Luzzatto Company is building a creative office hub in West Adams, after assembling half-a-dozen properties totaling at least 140,000 square feet.

Asher Luzzatto, president of the Fairfax-based development firm, said the company had acquired five properties and was in escrow for a sixth, all near Exposition and Crenshaw boulevards a couple of blocks from each other. The properties are in various stages of development.

This week, the company said it had lined up a $30 million refinancing package for Exposition 2, a 56,000-square-foot conversion project at 3339 West Exposition Place. JLL arranged the 10-year, fixed-rate loan. Luzzatto Company purchased the building in 2018 for $17.25 million, and undertook the renovation earlier this year. It is fully leased to GOAT, an online sneaker marketplace.

Over the summer, the firm acquired 3101 Exposition Boulevard, which salad chain Sweetgreen will use for its new headquarters. Luzzatto Company paid $15 million for the 50,000-square-foot property, a former dairy building that is being redeveloped.

The remaining properties in the West Adams portfolio are: 3644 11th St., a 9,000-square-foot industrial space space; 3629 10th St., a 12,000-square-foot space; and 3645 10th St., an existing 22,000-square-foot creative office campus.

Asher Luzzatto declined to identify the sixth property, which is in escrow, but said he expects to close on it in early 2020.

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