California-based Bradmore Group obtained a $117 million construction loan for the development of a creative office project in West Los Angeles. CBRE mediated the agreement between the mortgagee and the two lenders: Bank OZK — which handled the underwriting of the senior loan — and Acore Capital, the issuer of the mezzanine loan.
The financing will go toward the completion of 42xx, a 151,000-square-foot, low-rise office campus located at 4204-4230 Glencoe Ave. in Silicon Beach, one of the most sought-after real estate markets in Los Angeles. Neighbors include the likes of video game developer Electronic Arts, which is partially leasing a new, 155,000-square-foot office property near the end of the 90 Freeway.
“Silicon Beach is one of the most dynamic media and technology submarkets in the country,” said CBRE’s Jeff Pion, exclusive leasing agent for the property.
The immediate surroundings are also likely to constitute an attractive feature for future tenants, as the area is also home to newly delivered condo and apartment residences, as well as a range of exciting restaurants and entertainment amenities.
Bradmore has owned the Glencoe property since 1961. It has recently been taking steps to transform the former industrial site into a state-of-the-art creative campus, aided by Lincoln Property and design firm Rios.
Designing with sustainability in mind, the developers plan to incorporate Mass Timber into the construction as a low-carbon alternative to concrete and steel. Upon completion, 42xx would be one of the largest such wooden edifices in Los Angeles. Additionally, 45% of the site area will be left open to the sky with 12,000 square feet dedicated to landscaping; 33 fully grown trees; and a system of courtyards and walkways.
“In the office sector today, it is no longer just about flight to quality, but rather flight to experience,” said Greg Grant, senior vice president at CBRE. “The Bradmore Group and Lincoln Property Company are delivering a best-in-class office campus that is distinctly different and surrounded by amenities that tenants value.”
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