November 14, 2019 – JLL announced today that it has arranged $119.3 million in construction financing for GPI Companies’ West End project, an adaptive reuse, creative office development in West Los Angeles, California.
JLL worked on behalf of the borrower, GPI, to secure the two-year, floating-rate loan through ACORE Capital, a leading commercial real estate finance company.
Upon completion, West End will consist of approximately 230,000 square feet of Class A creative office and ground-floor retail and restaurant space. The project will feature expansive outdoor courtyards, a common outdoor amenity space, large floor plates, abundant new parking, exceptional floor-to-ceiling heights and large windows.
As noted in a recent JLL Snapshots piece, Los Angeles has witnessed an increase in adaptive reuse projects over the past few years given the lack of developable land and increasing demand for creative office space from large office users.
West End is centrally located on six acres at the intersection of Pico Boulevard and Overland Avenue in a densely populated area of West Los Angeles. This location is close to the Interstate 10 and 405 Freeways as well at the newly opened Exposition Line of the MTA, providing convenient commuter access. Additionally, West End is close to the highly affluent neighborhoods of Malibu, Santa Monica, Pacific Palisades, Cheviot Hills and Brentwood, as well as UCLA’s main and medical campus and the headquarters of several entertainment studios.
“Our plans for West End dramatically transform this former department store into the westside’s premier modern office campus. The West End submarket is a compelling new office submarket anchored by a multinational technology company’s new 584,000-square-foot office complex adjacent to West End,” said Lee Wagman, Managing Partner of GPI. “With easy access to the Expo Line and both the I-405 and I-10 Freeways, West End is set to become a highly desirable and iconic destination for media, technology and financial tenants.”
The JLL Capital Markets team representing the borrower was led by Executive Managing Director Kevin MacKenzie, Managing Director Greg Brown, Senior Director Jeff Sause and Director Peter Thompson.