LOS ANGELES—J.H. Snyder has broken ground on 959 Seward, a $136 million, class-A creative office campus in Hollywood. The 245,000-square-foot campus will cater to creative-type tenants using as little as 5,000 square feet of space to a full floor, 36,000 square feet of space. Of course, the building is also available for a single user.
Designed by Ware Malcomb, 959 Seward is anchored by two glass buildings surrounded by open green spaces. It will be built with sustainability in mind to LEED Silver-Certified standards. Tenants will be able to socialize or take a break in the property’s onsite restaurants and a fitness center, and utilize communal amenities, like an outdoor event space, a screening room and bike storage as well as onsite parking. Multi-Employer Property Trust, which is a $5.1 billion real estate investment fund, is helping to provide funding for the $136 million project. It is providing a $95 million participating loan to a J.H. Snyder-affiliate associated with the project.
JLL managing director Patrick Church, who is marketing the property for leasing, tells GlobeSt.com that the building won’t necessarily target creative tech users. “We are looking at all types of office users, from creative tech to entertainment,” he says. “If a bank wanted to rent out the building, we would rent it to them.” The idea is that they don’t want to limit themselves to one type of user, although they will definitely be looking at creative tech companies in the South Bay and Pasadena as well.
Located at on the corner of Seward Street and Romaine Street and across the street from the Hollywood Center Studios, the office is in a prime location walking distance from Hollywood’s most popular restaurants and shops. “This is a great location. The infrastructure in the Hollywood market is constantly improving,” Church tells GlobeSt.com, adding that the team has only marketed the property for about three weeks and has already received a tremendous response. Church’s goal is to have the property 50% preleased before construction completes in early 2016.
This is J.H. Snyder’s third major development project in the Los Angeles market. The developer is currently working on the Vermont apartment complex and Museum Square office campus. GlobeSt.com recently reported that, once complete, the Vermont is expected to sell for $310 million. Located at the corner of Vermont and Wilshire, the development will have 464 apartment units and 31,413-square-feet of ground floor retail space.