$54.73M in construction financing secured for LA ground-up creative office project
JLL Capital Markets led financing efforts for The Depot in the West Adams micro market
LOS ANGELES, May 24, 2021 – JLL Capital Markets announced today that it has arranged senior and mezzanine construction financing totaling $54.73 million for the development of The Depot, a 107,199-square-foot, 1.5 acre creative office campus in the West Adams micro market of Los Angeles.
Upon completion, The Depot will offer a premier stand-alone creative office campus with three levels of outdoor space totaling more than 20,000 square feet, a 225-space subterranean parking garage, 15’ ceiling heights and steel and glass construction with 30’ bays.
The Depot is located two blocks from the intersection of the city’s two major transit lines, the Blue Line and the Crenshaw/LAX line. The Depot is also part of a qualified opportunity zone.
The JLL Capital Markets team representing The Luzzatto Company was led by Senior Managing Director Paul Brindley, Managing Director Jeff Sause and Director Spencer Richley.
“The Luzzatto Company is one of the most highly respected and successful local developers in Los Angeles and was a pioneer in the creative office movement from the beginning,” Sause said. “Designed by HLW, an internationally acclaimed architecture firm, The Depot will follow in the footsteps of Luzzatto’s numerous other developments in the immediate area, including the GOAT headquarters, and the Sweetgreen headquarters, among others, which have all been completed and pre-leased by Luzzatto in the last three years.”
“The Luzzatto Company has led the way in the development of the West Adams micro market, with best-in-class expertise,” stated Aram Zakian, Executive Vice President of originations for Bank OZK’s Real Estate Specialties Group. “We are pleased to continue our relationship with Luzzatto and look forward to a very successful execution.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Luzzatto Company, Inc.
The Luzzatto Company, Inc. and its affiliates ("TLC") invest in real estate and real estate related debt, with a national portfolio that includes retail, office, multi-family, industrial and film and television studio properties. TLC has a long history of success in creative conversions and development with a focus on distressed, underdeveloped, poorly designed, inefficient, vacant or otherwise impaired properties. TLC has developed and managed space for tenants like Red Bull, Yahoo!, NPR, The Honest Company, FedEx, Quixote Studios, CAA and other industry leaders. Today, TLC remains one of the premier creative office operators in the nation.
TLC ensures that all of its investments perform well despite market fluctuations through its property management, asset management and brokerage services as well as its in-house legal expertise.
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG focuses on senior secured commercial real estate construction financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hotels, life sciences, industrial and retail. RESG is considered a preeminent, market-leading construction lender changing skylines across the United States. During the five years ended December 31, 2020, RESG originated $35 billion in new commercial real estate construction loans.