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Runyon Invests in Hayden Tract

CULVER CITY, CA—The developer buys a 29,357-square-foot industrial property, securing $13 million in financing, for creative office conversion in what is becoming one of the hottest creative office markets, GlobeSt.com reports EXCLUSIVELY.

By Kelsi Maree Borland | Updated on April 13, 2015

CULVER CITY, CA—Runyon Group has purchased a 29,357-square-foot industrial property in the Hayden Tract neighborhood of Culver City with plans to reposition the space into a creative office building. To purchase the property and for a portion of the renovations, Runyon secured $13.3 million in financing, GlobeSt.com has learned exclusively. The purchase price for the property was not disclosed, but sources unrelated to the deal say that Runyon purchased the property for approximately $15 million. The repositioning project will be completed in spring 2016.

“Runyon was seeking a high LTC, low rate loan to finance the acquisition and renovation of the Book Bindery site,” Mike Yim, a managing director at Quantum Capital, tells GlobeSt.com. “The loan we secured for Runyon met all of their requirements; it provided the funds required to purchase the property along with the capital needed to renovate the one-acre site. A 72% LTC loan is extremely aggressive for a speculative project intended for creative office use.” Yim and his colleague Jonathan Hakakha, a managing director at Quantum Capital, secured the funds on behalf of Runyon.

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