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Tech giant could have redevelopment plans for square block of propertiesLos Angeles /Dec.December 04, 2020 05:13 AMBy Matthew Blake | Research By Jerome DineenShare on FacebookShare on TwitterShare on LinkedinShare via EmailShare via Shortlink Share via Shortlink
Apple is biting off more of Culver City.
The tech giant has snagged a square block of office and warehouse properties in a deal with Venice Pacific Investments that is valued at $162 million, sources confirmed. The property transaction closed Nov. 13. CoStar first reported the story and described the deal as a recapitalization.
It involves five properties next to the office building Apple already leases.
The deal opens the possibility for Apple to redevelop the large site.
The square block of properties include: flex office space at 8771 Washington Boulevard, storefront and office space at 8876-8888 Venice Boulevard, and warehouse and storage space at 8825 National Boulevard, sources close to the deal confirmed. Two other properties in the deal include 8829 and 8833 National Boulevard, according to CoStar.
According to PropertyShark, each address traces back to Pacific Investment Associates, and lists its owner as William Feldman. He is also listed under Venice Pacific Investments with the same addresses. A message left with Feldman was not returned.
Representatives for Apple did not return requests for comment.
Eastdil Secured brokered the deal. The company declined comment.
The properties are next to the 128,000-square-foot office that Apple agreed to lease at 8777 Washington Boulevard in early 2018, from Clarion Partners and Lincoln Property.
Like other tech giants that have launched streaming services, Apple has spent the past two years scrambling to find space in Los Angeles. Companies like Netflix, Amazon and Apple itself have leased much of that space.