CASE STUDIES

Tenant Representation
From industrial outpost to creative utopia.
Blackwelder

PROJECT DESCRIPTION

The Blackwelder campus started as an outlying grouping of corrugated metal and industrial buildings situated between conjunctive points at Pico and La Cienega, in a "no man's land" East of Culver City. Industry had a vision to re-interpret one of the last original "campuses" in Los Angeles into a creative habitat for media professionals. Instead of tearing down and starting over, the idea was to preserve and revitalize this historic area.

PROJECT SIZE

25 Standalone Buildings on 6.4 acres.

PROJECT DURATION

2006 - Present

PROJECT TEAM MEMBERS

Industry Partners, Industry Ltd., Alcion, RAC, Genton Property Group.

 

From industrial outpost to creative utopia.

The Deal

Although the buildings were not for sale, Industry saw an opportunity to re-imagine the unique grouping of architecturally diverse structures as the creative community Blackwelder. From concrete block masonry and bow-truss roofs to steel frames and WWII corrugated metal Quonset huts, it remains a landmark property. Industry helped secure financing from institutional investors, persuaded all four owners to sell at the same time and completed the deal, including securing build-out dollars.

Insights

When it came time to lease the space, the world financial crisis was at its peak. Despite a challenging market, Industry brought a passion and vision for Blackwelder's potential and leased every space at 75 cents above market (retaining Pro Forma.) Moreover, rents were held as high, if not higher, than those in Santa Monica. It was Industry's ability to present a risk-averse yet forward-thinking opportunity on raw space and demonstrate similar project success that enabled them to land a significant institutional investor. The vision and success of Blackwelder has essentially expanded the market's perception of Culver City.