Fenway Capital Advisors Pays $130M for Entrada

Lincoln Property Company and its joint venture partner, Goldman Sachs affiliate Broad Street Principal Investments, have cashed in on the 11-story Entrada in Culver City, The Real Deal has learned.

Fenway Capital Advisors paid $130 million, or about $413 per square foot, for the 315,000-square-foot office building at 6181 Centinela Avenue, according to property records filed in Los Angeles County and a source with knowledge of the deal. Lincoln retained a minority stake in the property and will continue managing it, the source said.

That’s the highest price tag West L.A.’s Silicon Beach office hub has seen so far this year, but unfortunately for Lincoln and Broad Street, it doesn’t cover the $142.5 million in debt the partners took on six years ago to develop Entrada.

The source described the $130 million deal as a “recapitalization” of the property.

The building was completed in 2022 and is currently about 75 percent leased after Equinox signed on for space to open a gym at the property later this year — its 24th in L.A. County — the source said. The terms of Equinox’s lease and its square footage are unclear. Other tenants that recently signed deals at the property include global accounting firm Deloitte, digital ad platform The Trade Desk and toy manufacturer Jazwares, according to the source.

Spokespeople for Lincoln and Fenway declined to comment and a spokesperson for Goldman Sachs did not respond to a request for comment.

The joint venture partners bought the formerly stalled development site in 2018 for $33 million and took out a $142.5 million construction loan from Singapore-based United Overseas Bank the following year, property records show.

Rob Kane, who oversees acquisitions and development in Southern California for Lincoln, described the future Entrada in a statement at the time as a “world-class project” and predicted the neighborhood on the border of Culver City and Playa Vista would become one of “the most important locations for entertainment, media and technology.”

The Dallas-based developer has recently continued to double down on L.A.’s Silicon Beach. Last year Lincoln and investor Strategic Value Partners paid $187.5 million, or about $375 per square foot, to buy The Bluffs, a 500,000-square-foot office complex less than a mile away from Entrada.