LOS ANGELES--(BUSINESS WIRE)--LPC Realty Advisors I, LP, an affiliate of Lincoln Property Company, has acquired Wateridge, a 6-building Class A office campus totaling more than half a million square feet in the heart of West Los Angeles, on behalf of a public pension fund client.
As a large office campus in one of the city’s most desirable areas, Wateridge will provide a great deal of value and synergy for Lincoln and its tenants. Situated on 21 acres, Wateridge is located on the corner of La Cienega Boulevard and Slauson Avenue and is easily accessible to the Westside, South Bay, and LAX airport via the 405 and 10 freeways. Constructed in phases beginning in 1989, the property has since become a campus-style, multi-tenant facility boasting lush landscaping and a diverse mix of office and retail tenants.
LA’s Westside has experienced an influx of office tenants in media, entertainment and technology, especially in Playa Vista and Culver City, neighborhoods immediately neighboring the Wateridge property. Currently, major tenants include Kaiser Permanente, the L.A. County Department of Children and Family Services, and Evolve Media.
The property also contains a multi-tenant retail building and a bustling standalone 24 Hour Fitness, offering a convenient, state-of-the-art gym right on campus.
Since 2010, previous ownership has invested in additional parking, renovated common areas and improved landscaping. Lincoln plans to conduct a light upgrade of the property to make it more attractive to new tenants seeking a home in the highly sought-after West LA market, and also attract more retail tenants who will provide services to the office tenancy. Planned upgrades include the addition of improved wayfinding signage, enhanced lighting, furniture, fixtures, and equipment, as well as the implementation of a white box and spec suite program. Lincoln also plans to renovate the existing retail building.
“Large office campuses are increasingly hard to come by in West LA’s desirable market, so acquiring Wateridge was a unique opportunity for Lincoln, and certainly in line with our strategy,” said David Binswanger, Executive Vice President of Lincoln Property Company. “We see its potential to help meet demand for quality office space in this region.”
Lincoln’s upgrades will boost occupancy and bring in more dining options, allowing tenants to stay on campus for lunch and other needs, rather than travel to nearby retail centers offsite.
The property’s amenities currently include cascading water features, a centralized courtyard, outdoor workstations and putting greens. Lush landscaping includes grass-covered lawns, trees, shrubs, ponds, waterfalls, and streams; outdoor seating areas located along the building perimeters sit adjacent to the water features.
“We believe our acquisition is well-timed, and our light upgrades will make the property even more attractive to current and future tenants,” said Stephen Lindgren, Director of Finance at Lincoln Property Company. “We plan to integrate the campus with the thriving West LA market and look forward to elevating Wateridge to its full potential.”
About LPC Realty Advisors I, LP
LPC Realty Advisors I, LP is a SEC-registered investment advisor and affiliate of Lincoln Property Company, with approximately $2.0 billion of assets under management.
About Lincoln Property Company
Lincoln Property Company, founded in 1965 by its chairman Mack Pogue, is a privately-owned real estate firm involved in real estate investment, development, property management, and leasing worldwide. Lincoln has offices in all major markets of the US and throughout Europe. Lincoln’s cumulative development efforts have produced over 130 million square feet of commercial space and over 212,000 multifamily residential units. Lincoln Property Company is the second largest apartment manager in the United States. Access www.lpc.com for more information.