West LA Office Campus Commands $135M

By Keith Loria, Contributing Editor

Wateridge, Los Angeles

Los Angeles—LPC Realty Advisors I, an affiliate of Lincoln Property Co., has acquired Wateridge—a six-building Class A office campus in the heart of West Los Angeles, on behalf of a public pension fund client, for a reported $135.3 million.

The campus totals more than half a million square feet and boasts a tenant roster that includes Kaiser Permanente, the L.A. County Department of Children and Family Services and Evolve Media.

“Office campuses on L.A.’s Westside are increasingly hard to come by,” Stephen Lindgren, Lincoln Property director of finance, told Commercial Property Executive. “The Wateridge campus is quite large, and we were attracted to the fact that it has both office and retail components across its six buildings. It was a unique opportunity and a great fit for Lincoln.”

The property also incorporates a multi-tenant retail building and a standalone 24 Hour Fitness, offering a convenient, state-of-the-art fitness facility right on campus.

Constructed in phases beginning in 1989, the property has since become a campus-style, multi-tenant facility boasting lush landscaping and a diverse mix of office and retail tenants. Situated on 21 acres on the corner of La Cienega Boulevard and Slauson Avenue, Wateridge offers easy access to the Westside and South Bay submarkets, as well as the LAX airport via the 405 and 10 freeways. Playa Vista and Culver City, areas that have recently welcomed a number of growing media, entertainment and technology tenants, neighbor the property.

“Wateridge is already a very desirable property in an area that has seen an influx of office tenants in recent years,” Lindgren said. “With more than a half-million square feet of office space, we think the property will help meet demand for high-quality office space on the Westside, especially after we complete the light upgrades we have planned.”

Those planned upgrades include adding improved wayfinding signage, enhanced lighting, furniture, fixtures and equipment, as well as implementing a white box and spec suite program. Lincoln also plans to renovate the existing retail building.

“We’ve had great success adding value to well-located and highly compelling properties like Wateridge, so this acquisition was certainly in line with our strategy,” Lindgren said. “Lincoln’s Southern California arm has a substantial local presence and history in L.A., and we’re pleased to add such a fantastic property to our portfolio.”

Image courtesy of Yardi Matrix