A two-story office building totaling more than 118,000 square feet near Playa Vista has been acquired by the Canyon Catalyst Fund and Los Angeles-based Pacshore Partners.
The office building, which houses eight office suites, is located on over five acres of land at 5340 Alla Road, just north of Jefferson Boulevard in Del Rey. The former industrial site includes 451 parking spaces.
The $36.2 million transaction is the first for the new joint venture that emerged as part of a program to cultivate the next generation of real estate investment fund managers.
The team aims to create a creative office campus designed for tenants including large entertainment, advertising and tech firms, a spokesperson for the companies said.
The Canyon Catalyst Fund and Pacshore Partners will invest up to $5 million to re-envision the building’s architecture, create outdoor design elements, and provide lifestyle amenities specifically for high-end creative users.
“The Playa Vista office property is well positioned within one of the fastest growing office submarkets of Los Angeles, and is a great first investment for our new joint venture with Philip Orosco and his ­team at Pacshore,” said Maria Stamolis, managing director at Canyon Capital Realty Advisors.
Orosco, founder and managing partner of Pacshore Partners, said, “The building’s incredible location, access to nearby amenities, and open campus setting made this a particularly compelling investment for our new team. We have assembled a team of architects, artists and craftsman who all look forward to delivering an inspired workspace that will enhance the productivity and brand-appeal of the growing contingent of creative-minded tenants on the Westside.”
The acquisition is one of the first within the Canyon Catalyst Fund, a new joint venture between Canyon Capital Realty Advisors and the California Public Employees’ Retirement System (CalPERS).