Fully leased C3 campus in Culver City seeks $280M
IDS Real Estate developed the 311K sf property with PNC Realty Advisors
From left: IDS’ CEOs David G. Mgrublian and Murad Siam, and PNC Chairman William Demchak, with the C3 campus in Culver City
A newly built office campus leased to a mix of tech and entertainment tenants has hit the market, the third largest Westside office property to come on sale in the last month.
The developers are seeking $280 million for C3, a 311,000-square-foot modern office building in booming Culver City, The Real Deal confirmed. That pencils out to about $900 per square foot.
A joint venture between IDS Real Estate and a pension fund managed by PNC Realty Advisors completed the project about 15 months ago. It has since been fully leased.
Gensler designed the seven-story campus, located at 5800 Bristol Parkway. It features a private fitness center, an outdoor kitchen, bocce courts, a dog park and an amphitheater.
Newmark Knight Frank has the listing. Real Estate Alert first reported the news.
ByteDance, a Chinese media startup with a $75 billion valuation, recently brought the campus to 100 percent occupancy with its 119,000-square-foot lease. Other tenants include music management company Red Light Management, marketing firm Dentsu Aegis Network and Henkel, a consumer brand company .
C3 is the latest property to hit the market this month as developers look to capitalize on a strong office market and high occupancy rates at their buildings. Last week, Tishman Speyer put two of its office campuses in Playa Vista — the Brickyard and Collective — on sale for a combined $600 million or higher. They are leased by Facebook and Yahoo, respectively.
Source: The Real Deal Los Angeles