Culver City’s office market just got a fresh signal of investor confidence. Blackstone and LBA Realty have closed a $270 million refinancing on One Culver, the eight-story, 378,000-square-foot office building near Apple’s sprawling Culver City campus, according to Connect CRE. Nomura Holdings provided the new CMBS loan, which retires roughly $310 million in prior debt on the property.
One Culver has been through a dramatic turnaround. LBA Realty bought the building back in 2014 for $159 million, when Sony was its sole tenant. Sony moved out in 2016, leaving LBA to sink $45 million into repositioning the property with new amenities and a modernized look. That bet paid off: Blackstone joined as majority owner through a $500 million recapitalization in 2022, and the building has been fully leased since June 2021.
For LA-area business owners, the deal is worth paying attention to for a couple of reasons. First, it’s a data point on the health of the Westside office market, which has been under pressure since the shift to hybrid work. A major lender putting $270 million behind a fully occupied, renovated building near Apple’s campus suggests that well-located, well-maintained office space in Culver City still commands real confidence from institutional capital, even in a cautious lending environment. Second, it’s a reminder of how much the tech and media presence around Apple’s Culver City hub continues to anchor demand for office space nearby, which has ripple effects for restaurants, retail, and service businesses in the surrounding blocks.
Culver City has increasingly become one of the Westside’s steadiest commercial corridors, sitting between the entertainment industry’s studio lots and a growing cluster of tech offices. Deals like this one tend to reinforce that trajectory, signaling to other landlords and investors that repositioned, amenity-rich office buildings in the area can still attract long-term financing on favorable terms.
Whether you run a business near Culver City or are simply watching where LA’s commercial real estate money is flowing, this refinancing is a useful gauge of where institutional investors still see stability in an uneven market.
Source: Connect CRE
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