LOS ANGELES-1038 Princeton, an affiliate of the Luzzatto Co., has acquired a creative office campus for $10.7 million. The property, located at 1038-1042 Princeton Dr. in Marina del Rey, was 30% leased at the time of the sale.
“We were attracted to this property because it represented a great opportunity to acquire a red-brick creative campus in the supply-constrained Westside market at an attractive basis,” says Ron Harari, managing director of the Luzzatto Co.
The two-building property has a total of 32,000 square feet and sits on 46,381 square feet of land. 1038 Princeton plans to add landscaping around the building and interior improvements and upgrades. The property also has surface-area parking for 65 cars, which the company plans to repave. “We also believed there to be strong, intrinsic land value at the site due to its location within a densely populated residential corridor of the Marina,” says Harari.
The trend toward creative office is spreading to non-creative companies as well. Last week, GlobeSt.com reported the Mar Ventures is building a 15-building speculative creative office development in El Segundo aimed at both creative and non-creative companies who can benefit from open floor plans and collaborative environments.
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Kelsi Maree Borland
