Construction and development giant Lendlease is paying $92 million for a West Adams development site where it plans to build a $600 million mixed-use project.
The 500,000-square-foot project at 3401 South La Cienega Boulevard will be Lendlease’s first development in Los Angeles, according to Commercial Observer, which first reported the story. “Usually, people tend to continue to pause at this point,” the firm’s head of West Coast development Arden Hearing told the publication. “We’re leaning into the next cycle in great submarkets and great cities, and that’s what we see here.”
Australia-based Lendlease is partnering up on the acquisition with Aware Super, an Australian pension fund. The project is slated to include 260 residential units, 250,000 square feet of office space and ground-floor retail. Construction is expected to be completed by 2025.
Lendlease and Aware Super are partners on a number of major development projects across the country, including at 1 Java Street in Brooklyn’s Greenpoint neighborhood.
West Adams is home to many large-scale new projects, including Carmel Partners’ 1,200-unit residential complex known as Cumulus and S.D. Abraham’s 254-unit residential project. [CO] — TRD Staff