Called “Corporate Pointe Tower,” the new project will be built at 700 Corporate Pointe within the 1.6-million-sf, eight building Corporate Pointe campus, which is located just off the 405 Freeway. According to David Saeta, senior vice president of IDS, the company acquired the property at the end of 2007 and has secured all entitlements and approvals for the class A tower, which will be designed to LEED Silver standards by Gene Watanabe of Gensler. No date has been set for construction of the project.
Saeta cites the Lower Westside submarket as "one of the most dynamic real estate submarkets in Southern California with over $2 billion in capital committed to projects within one mile of Corporate Pointe." Among them is Westfield’s one-millionsf Culver City Plaza shopping center, which is currently undergoing a $188 million expansion and renovation including 332,600 sf of new restaurants and shops.
According to Steve Walbridge of Cushman & Wakefield, who represented IDS in the land purchase along with Eric Olofson, the Culver City submarket has emerged as a strategic and affordable Westside option. He points out that rents in the submarket typically average several dollars per sf per month less than rents at similar projects farther north.
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