Joint Venture Equity - Spec Office
Culver City, CA
$12,700,000 joint venture equity for Crown Realty and Development for development and construction of a 200,000 square foot office building and the purchase of Phase I of the same project consisting of 300,000 square feet. This placement of a Class 'A' office development in a secondary location with no pre-leasing was a challenging assignment. We accepted this assignment because the rents would be $1.00 per square foot less than competing projects on a mile away on the 405 freeway. This analysis was borne out when the bulk of the building was leased to a major tenant at pro-forma rents in a softening market.