{"id":1004556894,"date":"2021-11-05T04:10:02","date_gmt":"2021-11-05T12:10:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004556894"},"modified":"2022-12-08T19:18:12","modified_gmt":"2022-12-09T03:18:12","slug":"pendulum-long-wharf-make-56m-los-angeles-play","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pendulum-long-wharf-make-56m-los-angeles-play\/","title":{"rendered":"Pendulum, Long Wharf Make $56M Los Angeles Play"},"content":{"rendered":"
\"\"<\/a>

3000 Robertson Blvd. Photo courtesy of CBRE<\/p><\/div>\n

Pendulum Property Partners has continued its push into the Los Angeles office market. In partnership with Boston-based Long Wharf Capital, the company paid $56 million in an off-market transaction for a four-story, 111,384-square-foot property in the Culver City submarket.<\/p>\n

A CBRE team comprising Mike Longo, Todd Tydlaska, Sean Sullivan and Greg Grant represented the seller\u2014a partnership of Watt Properties and Edge Principal Advisors\u2014and procured acquisition financing for the buyer. According to CommercialEdge, the property previously traded in 2015 for $26.7 million.<\/p>\n

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READ ALSO: <\/strong>Los Angeles Market Update: Office Vacancy Continues to Struggle<\/a><\/p>\n

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Situated at 3000 S. Robertson Blvd., the four-story building has floorplates averaging 28,000 square feet. In 2017, the previous owner invested $5 million to transform the building into creative office space, according to a Newmark press release. Wolcott Architecture provided design services for the cosmetic upgrade. This included courtyard and fa\u00e7ade renovations, landscaping, upgrades to the main lobby and common areas and the addition of signage.<\/p>\n

Amenities include outdoor seating and Wi-Fi areas, ping pong tables, bike storage and a parking ratio of 3 spaces per 1,000 square feet. Tenants include WeWork\u2014which takes up an entire floor\u2014Kaiser Permanente, Michelson Foundation, Universal Protection Services and Complete Care. The office building is located just off Interstate 10, near several public transit routes and retail destinations.<\/p>\n

Bullish on media markets<\/h2>\n

Pendulum\u2019s new office property traded at roughly $502 per square foot, higher than the metro\u2019s average  year-to-date through September ($378 per square foot), CommercialEdge data shows. However, submarkets like Culver City have been among the priciest, with the concentration of tech, media and film production industries drawing large investments.<\/p>\n

In July, Pendulum announced plans to invest $1.3 billion annually on western U.S. office and retail properties. The company entered into a partnership with pension advisor Banner Oak Capital\u2014which committed $100 million to an “evergreen” joint venture, while also seeding a separate, $40 million investment vehicle. The partnership’s initial plan had been to focus solely on Los Angeles, Orange County, San Diego, San Francisco and Denver. However, the pandemic shifted that focus and the partnership is looking at other markets.<\/p>\n

The first acquisition of this new initiative closed in May, when Pendulum and Long Wharf paid $61.5 million for The Link in Burbank<\/a>, a 124,785-square-foot office building in Burbank, Calif. The property had recently been renovated and was 76 percent occupied at the time of the sale.<\/p>\n

According to CommercialEdge, office sales in metro Los Angeles cooled off in September, with the month generating just over $181 million\u201443.3 percent lower than the previous month. Still, the third quarter was the strongest so far this year, with office investment topping off at $991.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The creative office asset’s value more than doubled since it last changed hands.<\/p>\n","protected":false},"author":1284,"featured_media":1004556895,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21742,21747,15],"tags":[32789,34931,34266],"class_list":["post-1004556894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-long-wharf-capital","tag-pendulum-property-partners"],"acf":[],"yoast_head":"\nPendulum, Long Wharf Make $56M Los Angeles Play - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pendulum-long-wharf-make-56m-los-angeles-play\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pendulum, Long Wharf Make $56M Los Angeles Play\" \/>\n<meta property=\"og:description\" content=\"The creative office asset's value more than doubled since it last changed hands.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pendulum-long-wharf-make-56m-los-angeles-play\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-05T12:10:02+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:18:12+00:00\" \/>\n<meta name=\"author\" content=\"Tudor Scolca\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/11\/3000-Robertson-Blvd-v2-e1636108822637.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/pendulum-long-wharf-make-56m-los-angeles-play\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/pendulum-long-wharf-make-56m-los-angeles-play\/\",\"name\":\"Pendulum, Long Wharf Make $56M Los Angeles Play - 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