The Luzzatto Company, a pioneer in the The fast-growing West Adams neighborhood in Los Angeles has received $ 54.73 million to build a 1.5-acre creative office campus, Commercial Observer has reported for the first time.
The stack includes a $ 28 million senior loan Bank OZK and a mezzanine loan of $ 26.73 million Related fund management, according to JLLwho arranged the funding. The 107,199 square foot development at 3609 10th Avenue called The depot comprises three levels with a total area of more than 20,000 square meters and an underground car park with 225 parking spaces.
The depot is located two blocks from the intersection of the city’s two transit lines: the Blue Line and the Crenshaw / LAX Line. It’s also located in a federally designated opportunity zone that allows tax deferrals for investments in low-income areas.
“Many people believe that right now nobody should be building office space. ” Asher Luzzotto, President of the company, said Commercial Observer. “I would argue that there is a difference between traditional office space and modern, open and creative office space. We should build or rehabilitate more of the latter and not build any of the former. “
It’s also about half a mile from Luzzatto Exhibition 2, this is the headquarters for GOAT, an LA-based online sneaker startup; as well as Sweet green‘s new headquarters at the Exhibition 3. Luzzatto has also designed and managed spaces for tenants such as Red Bull, Yahoo! NPR, The Honest Company, FedEx, Quixote Studios and more.
“The Luzzatto Company is a dominant force in the development of the West Adams micro-market.” Aram Zakian, Executive Vice President Originations at Bank OZK, said in a statement.
The JLL team representing The Luzzatto Company was led by Paul Brindley, Jeff Sause and Spencer Richley.