The County Of Los Angeles Leases Office Space In Culver City & San Pedro
6167 Bristol Parkway & 1294 West 6th Street
Building Size
50,000 SF
Asset Type
Office
Closing
Jan 24, 2024
AI
The County of Los Angeles has signed a lease for a 10-year commitment at 6167 Bristol Parkway in Culver City. The remodeled space, spanning 92,000 square feet, will include the County Assessors' office, which will occupy approximately 8,000 square feet on the first floor. The lease is set to take effect in 2024.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not mentioned
- Address: 6167 Bristol Parkway, Culver City
- Market: Culver City
- Square Footage: 92,000
The second lease involved a 15-year commitment at 1294 W. 6th Street in San Pedro. The lease will occupy the entire second floor of the San Pedro Medical Arts building, with occupancy expected in late 2024. The deal is described as central and medical in nature.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not mentioned
- Address: 1294 W. 6th Street, San Pedro
- Market: San Pedro
- Square Footage: Not mentioned
Mark Mattis from Avison Young represented the landlord in these transactions, while Dennis Smith and Jerry Porter from Cresa represented The County of Los Angeles.
Players
Culver City Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93