Lendlease JV Lands $316M for LA Mixed-Use Project
A joint venture between Lendlease and Aware Super has secured $316 million in construction financing for Habitat, a 454,000-square-foot mixed-use development in Los Angeles.
Upon completion, the property will comprise a 253,000-square-foot office building and a 260-unit community, as well as 2,900 square feet of retail space.
Barings and Counterpointe Sustainable Real Estate provided the funds that also include C-PACE financing for the development’s sustainable elements.
READ ALSO: Los Angeles Office Market Still Pricey
Lendlease and Aware paid $92 million for the 3.5-acre development site in 2020. At the time, the project was estimated at $600 million.
SHoP Architects provided design services and Steinberg Hart served as the architect of record for the office facility, while A+I mapped out commercial interiors. The building will feature 50,000-square-foot floorplates and 14-foot slab heights, as well as folding glass walls.
Amenities are slated to include private outdoor terraces on levels three through six, on-site retail and restaurant space, a gym and a 1-acre park landscaped with regional fauna. Moreover, the building will provide locker rooms with showers and end-of-trip facilities for cyclist commuters.
Targeting net zero
In line with its commercial real estate decarbonization strategy, Lendlease will implement a 125kW solar array at Habitat, as well as 64 dedicated electric vehicle parking spots, 222 secured bike parking spaces, natural ventilation and lower-carbon concrete.
The firm is targeting LEED Platinum for Habitat’s commercial building—which would be the first new creative office office structure in Los Angeles to achieve such certification— and LEED Gold for the residential component.
Habitat will rise at 3401 S. La Cienega Blvd., proximate to La Cienega / Jefferson Metro Station. Downtown Los Angeles is roughly 8 miles northeast, while Los Angeles International Airport is 7 miles southwest.
Greater Los Angeles’ office pipeline totaled 2.6 million square feet of under-construction space in June, according to a report by Cushman & Wakefield. The figure was slightly higher than the one registered a year ago, when 2.4 million square feet were underway.
The post Lendlease JV Lands $316M for LA Mixed-Use Project appeared first on Commercial Property Executive.
