Fundrise has secured a new tenant at one of its developments in South Los Angeles.
Mother, a creative advertising firm, signed a long-term lease for all 27,000 square feet of space across 4202-4216 West Jefferson Boulevard, Fundrise said on Wednesday. Financial terms weren’t disclosed. The firm plans to move its headquarters there from a 6,200-square-foot building at 5290 Washington Boulevard in West Adams.
The three-building, single-story office campus is being renovated, a project that is expected to be completed next year.
Fundrise, an investment firm that has recently shifted its focus to single-family rentals, owns office and retail properties in South LA. It bought West Jefferson property in 2019 for $14 million.
Along West Jefferson, Fundrise plans to overhaul a number of small commercial buildings and renovate them into small offices with retail components. In Wednesday’s news release, the company said it owns 18 within a radius of a few blocks.
Fundrise bought its first building there in 2017 and signed its first lease with rapper Nas’ music and production company Mass Appeal for a 5,000-square-foot converted storage and office building.