SteelWave buys Arts District office campus for $80M

CEG Construction sold the 150K-sf property

Los Angeles /
May.May 24, 2021 11:00 AM
500 S. Santa Fe Avenue (CEB Construction)
500 S. Santa Fe Avenue (CEB Construction)

San Francisco-based SteelWave has made an $80 million creative office play in the Arts District.

The firm bought a 150,451-square-foot campus called The Switchyard from CEG Construction for $80 million, according to the Los Angeles Business Journal.

The complex is two vacant buildings on neighboring parcels at 540 and 500 S. Santa Fe Avenue.

The building at 540 was completed in 2012 and totals about 51,000 square feet. The building at 500 was completed in 2019 and spans 100,000 square feet.

Both properties are considered Class A, but Steelwave plans to paint the exteriors, add murals, improve the outdoor seating and landscaping and upgrade the lobbies, according to the Business Journal.

Developers and investors have poured money into the Arts District for several years, buying up former industrial properties to transform into offices.

Builders have continued to pursue projects throughout the pandemic. A handful of new efforts have also surfaced in the past year or so.

In late April, Continuum Partners announced plans to build a 10-building mixed-use complex where Los Angeles Cold Storage now sits at Central Avenue and Fourth Street.

Hines and Access Industries want to build a 470,000-square-foot office and retail building next to the Ford Factory building.

[LABJ] — Dennis Lynch 


Related Articles

arrow_forward_ios
2000 Avenue of the Stars and CAA CEO Richard Lovett (Gensler, Getty)
Big talent agency renews big lease at 2000 Avenue of the Stars
Big talent agency renews big lease at 2000 Avenue of the Stars
Pacific Design Center’s Green Building, WeWork’s Elton Kwok, FabFitFun’s Michael Broukim. (Pelli Clarke Pelli Architects, WeWork, FabFitFun)
WeWork keeps focus on larger, “enterprise” tenants
WeWork keeps focus on larger, “enterprise” tenants
Pen Factory, GoodRx CEOs Doug Hirsch and Trevor Bezdek. (Pen Factory, GoodRx)
GoodRx adds 57K sf at Santa Monica’s Pen Factory
GoodRx adds 57K sf at Santa Monica’s Pen Factory
Snap Inc CEO Evan Spiegel, Boston Properties CEO Owen Thomas and Santa Monica Business Park. (Getty, Boston Properties)
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Snapchat’s parent company expands headquarters at Santa Monica Business Park
Tencent CEO Ma Huateng with Playa Jefferson. (Getty, Austin Industries)
Tencent opens Playa Vista office with plans to expand LA workforce
Tencent opens Playa Vista office with plans to expand LA workforce
606-654 Venice Boulevard (Silver Creek, Google Maps)
Snap-leased office complex in Venice snags refi
Snap-leased office complex in Venice snags refi
Pendulum CEO Kevin Hayes with The Link. (Pendulum, The Link)
Media production office complex sells for $62M
Media production office complex sells for $62M
Google CEO Sundar Pichai and renderings of the project (Getty, Google)
Google gets go-ahead to build mega-campus
Google gets go-ahead to build mega-campus
arrow_forward_ios

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

Loading...