Apple in talks to lease remaining space at One Culver: sources
Tech giant said in December it would add 1K workers in Culver City
Apple is close to signing a deal to occupy the balance of available space — about 150,000 square feet — at One Culver in Culver City, The Real Deal has learned.
Pending the closing of the deal, Apple will hold nearly 278,000 square feet of office space in the growing tech hub.
In December, Apple announced plans to add 1,000 new employees in Culver City over the next three years. The news came nearly a year after Apple signed a deal to occupy Lincoln Property Co.’s 128,000-square-foot development at 8777 Washington Boulevard.
Its new space at One Culver, located on the same street at 10000 Washington Boulevard, would be less than a mile away.
Neither Apple nor LBA Realty, the landlord, responded to requests for comment. CBRE, the listing brokerage, declined to comment. TRD confirmed the move with three different industry sources.
LBA Realty owns the 363,000-square-foot property, recently renovated by Gensler. Asking rents at the eight-story building are $6.10 per square foot, according to CoStar. The data analytics site shows there are about 144,000 square feet available for direct lease at the property.
That would peg Apple’s lease at close to $878,400 per month.
WeWork, which recently rebranded to We Company, is also a tenant at the building. The firm occupies 60,000 square feet, spread across the fifth and sixth floors.
Apple’s expansion comes amid a major tech boom in Culver City. HBO is close to announcing a new, 200,000-square-foot office lease at the Ivy Station, which remains under construction. The network was planning on taking the four-story project at 8777 Washington Boulevard before Apple leased the entire site.
Amazon Studios, a fellow streaming competitor, has also recently expanded in Culver City. The company recently boosted its occupancy at Hackman Capital Partners’ Culver Studios project to 505,000 square feet. That is in addition to its 75,000-square-foot lease at Hackman’s Culver Steps.
Source: The Real Deal Los Angeles