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Blackstone sells huge industrial portfolio in NYC, New JerseyLuzzatto Company defaults on $48M loan tied to former Sweetgreen HQ
Office building in LA’s West Adams has struggled to find a tenant since mid-2022
The Luzzatto Company has defaulted on a $48 million loan tied to a West Adams office property that previously served as the headquarters of the millennial favorite salad chain Sweetgreen, The Real Deal has learned.
Luzzatto owes the entire principal under the loan tied to 3101 Exposition Boulevard, according to a notice of default filed with L.A. County this month. The loan, handed out by El Segundo-based TerraCotta Group last year, came due in August.
Under California state rules, a foreclosure can be scheduled no earlier than 90 days after an initial notice of default. On 3101 Exposition, a foreclosure can be scheduled for Jan. 10.
Neither Luzzatto nor TerraCotta Group responded to a request for comment.
The office building, which was completed in 2020 and is attached to another roughly 30,000-square-foot space, has struggled to keep a tenant over the last few years.
In 2019, Sweetgreen signed a lease to move its headquarters to the 57,000-square-foot building. But by last year, the firm had put the space up for sublease. A Sweetgreen spokesperson told CoStar last year that the firm left in July 2022.
Luzzatto, run by Asher Luzzatto, a one-time L.A. mayoral candidate, got some reprieve with a three-month lease deal.
Ye, the rapper formerly known as Kanye West, signed a short-term deal to occupy the office space for his clothing company Yeezy, according to CoStar. The deal lasted through December, but was not renewed.
The space is still available for sublease, according to marketing materials from CBRE obtained by The Real Deal.