Spec Building on Go, Despite Increasing Vacancies

LOS ANGELES-Construction has commenced on Culver City’s 200,000-sf speculative office development Wateridge Two, despite a rising vacancy rate and an increasing negative net absorption in the West LA office market.

The office project, which is being developed by Newport Beach-based Crown Realty and Development, will stand on a 21-acre site near the intersection of Slauson Avenue and La Cienega Boulevard. It is being built in response to the strong leasing activity encountered at the adjacent 330,000-sf Wateridge complex, which Crown Realty purchased for $50 million last August.