JLL Secures $32.4 Million of Financing for Creative Office Campus
JLL Capital Markets has announced that it has secured $32.4 million in C-PACE financing for Depot & Atlas, a 107,156-square-foot, true Class A creative office campus in the West Adams submarket of Los Angeles.
JLL worked on behalf of the borrower, The Luzzatto Company, to secure the $32.4 million in C-PACE capital through Nuveen Green Capital, a leading provider of sustainable commercial real estate financing solutions.
Depot & Atlas, located at 3609-3645 10th Ave., consists of two true Class A creative office buildings with two stories of valuable subterranean parking situated on 1.3 acres at the corner of Exposition Boulevard and 10th Ave. The campus benefits from exceptional transit connectivity, being adjacent to the Exposition/Crenshaw light rail station that connects Santa Monica, Culver City and Downtown Los Angeles, resulting in a growing tenant base seeking best-in-class space in the submarket.
The Luzzatto Company acquired the property off-market in late 2019, drawn to its transit-oriented location within an opportunity zone. The developer completed Depot, a 94,726-square-foot creative building, in late 2023 and redeveloped the neighboring Atlas building, which spans 12,430 square feet. The property was designed by HLW International and received top honors from the Los Angeles Business Journal at their 2024 Commercial Real Estate Awards. The property is 39% leased and anchored by the Los Angeles Department of Mental Health, which occupies the entire first floor of the building.
The West Adams submarket has emerged as a vibrant creative district, benefiting from its proximity to several high-profile developments, including Baldwin Hills Crenshaw Plaza, Crenshaw Crossing and Cumulus. The property is also surrounded by notable businesses, including HBO and two of the Big Five technology companies, which collectively occupy over one million square feet of office space within four miles of the asset.
JLL Capital Markets' Debt Advisory team, representing the borrower, was led by senior managing director Jeff Sause and associate Lauren Sackler.
'We were able to secure competitive C-PACE financing that allowed for a cash-neutral execution,' said Sause. 'This transaction highlights the continued appeal of well-located creative office spaces in strategic submarkets like West Adams.'
Cory Jubran, senior director of originations, Nuveen Green Capital, added, 'We were proud to provide cost-efficient C-PACE financing to recapitalize the notable Depot & Atlas campus in the emerging West Adams area. Through C-PACE, the Luzzatto Company was able to pay down existing debt, which will result in significant savings, while positioning the property for long-term success. This transaction underscores how C-PACE is continuing to emerge as a flexible mainstream financing solution across the West Coast, as well as nationally for commercial real estate projects at various stages of completion.'
Information sourced from JLL. For more information, contact kristen.murphy@jll.com.
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