Pasadena-based Alexandria Real Estate Equities Inc. has purchased Bristol 61, a four-building creative office campus in Culver City for $39.15 million, according to the “L.A. Business Journal.”
The Culver City office campus was reportedly purchased from Boston-based Intercontinental Real Estate Corporation and The Swig Company of San Francisco.
The two companies announced the sale Feb. 11, according to the Feb. 12 account.
The campus, at 6100 to 6160 Bristol Parkway, is a 75,941-square-foot campus. Built in 1979, it was formerly known as Fox Hills Business Park.
The property last changed hands in 2014, for $20.2 million, according to CoStar data.
According to the Swig Company’s website, the campus was rebranded in 2015 with redesigned drought-tolerant landscaping and a property identity program. It is currently fully leased to tech/lab tenants and to the Los Angeles County Assessor’s Office.
Tomas Schoenberg, The Swig Company’s executive vice president of investments, said property potentially offers a lower-cost alternative to smaller companies wanting the same creative campus atmosphere popular in the area.
“We believed, and ultimately proved, that a well-conceived creative makeover of Bristol 61 with its convenient location, ease of access to major freeways, ample parking and open, voluminous creative interiors would appeal to creative and life-science companies doing business with the large tech content and life science companies in Playa Vista and the greater Westside,” Schoenberg said in a statement.
Kevin Shannon, Rob Hannan, Laura Stumm, Ken White and Mike Moll of Newmark Knight Frank Capital Markets brokered the sale. Andrea Salvi of Bradley and Associates P.C. represented the sellers in the transaction, according to the report. http://www.are.com/