Lincoln Property and Clarion plan major office redevelopment

Duo to add 300K sf to creative campus in Baldwin Hills

Los Angeles /
Mar.March 03, 2021 12:15 PM
Clarion Partners CEO David Gilbert and Lincoln Property Co.’s David Binswanger with a rendering of the project (Gensler via Urbanize)
Clarion Partners CEO David Gilbert and Lincoln Property Co.’s David Binswanger with a rendering of the project (Gensler via Urbanize)

Lincoln Property Company and Clarion Partners want to more than triple the office space at their recently-purchased Jefferson Creative Campus in Baldwin Hills.

The duo plans to add a 329,000-square-foot office building next to the property’s existing 152,000-square-foot office complex, according to Urbanize, citing a city filing.

The partners paid $169 million for the seven-acre campus in February 2020. It was the third-largest office deal in L.A. County last year and the priciest deal located in an Opportunity Zone.

Gensler is designing the project, dubbed 5870 Jefferson for its street address. The five-story building has a curving glass façade and includes three stories of underground parking. The developers need a series of discretionary approvals to build the new structure. Tenants at the existing building include cannabis company MedMen, Spin Master, and Prana Studios.

Lincoln Property is coming off a major office buy in Hollywood. In late December, the firm paid $186 million for Hollywood 959, a 261,000-square-foot property developed by J.H. Snyder Company.

[Urbanize] — Dennis Lynch


Related Articles

arrow_forward_ios
444 South Flower Street (Getty, Joe Collver/CC BY-SA 3.0/via Wikimedia Commons)
Foreclosure auction for 444 South Flower Street delayed
Foreclosure auction for 444 South Flower Street delayed
Newmark's Kevin Shannon, Marcus & Millichap's Jordan Asheghian and Tony Azzi, Stepp Commercial's Travis Traweek and Waterford's John Drachman (Newmark, Marcus & Millichap, Stepp Commercial, Waterford Property Company)
Brokers tell clients to sell before transfer tax deadline
Brokers tell clients to sell before transfer tax deadline
Rising Realty’s Christopher Rising and KW Commercial’s Tony Wood; Park DTLA at 261 South Figueroa Street (Rising Realty, Park DTLA, Getty)
Cut and run: Ready Capital looks to offload Park DTLA office campus
Cut and run: Ready Capital looks to offload Park DTLA office campus
Joel Schreiber and KBS Realty Advisors' Charles Schreiber with 445 South Figueroa Street (Shir Stein, LinkedIn, Union Bank Plaza, Getty)
KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
KBS sees “no assurance” Joel Schreiber will close Union Bank Plaza purchase
Oracle's Larry Ellison with 2600 Colorado Avenue (Loopnet, Getty)
Oracle puts Santa Monica office complex up for sale
Oracle puts Santa Monica office complex up for sale
Hudson Pacific Properties' Victor Coleman (Hudson Pacific Properties, Getty)
Hudson Pacific feels brunt of slow office market
Hudson Pacific feels brunt of slow office market
From left: Hasbro's Chris Cocks and Worthe Real Estate Group's with 333 West Empire Avenue (Hasbro, The Ocean Avenue Project, Loopnet, Getty)
Hasbro seeks to sublease office with 80K sf in Burbank
Hasbro seeks to sublease office with 80K sf in Burbank
WeWork's Sandeep Mathrani and Worthe Real Estate's Jeff Worthe with 3900 West Alameda Avenue (WeWork, Getty, The Tower)
WeWork to close Burbank location
WeWork to close Burbank location
arrow_forward_ios

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

Loading...