DLJ Real Estate Capital Partners Completes Purchase of 901 Abbot Kinney Boulevard Expands Portfolio of Iconic Buildings in Dynamic Venice Submarket
LOS ANGELES, July 9, 2012 /PRNewswire/ -- DLJ Real Estate Capital Partners, LLC ("DLJ RECP") announced today the purchase of 901 Abbot Kinney Boulevard, a 14,275 square foot office building in Venice, California. The property was the former studio of the furniture designers Charles and Ray Eames, and features open floor plates, original brick walls and 20-foot ceilings. The purchase of the property aligns with DLJ RECP's strategy of acquiring iconic buildings in urban locations that are within walking distance of unique residential communities and exceptional retail offerings.
"Despite being one of the creative capitals of the world, Los Angeles suffers from a shortage of vintage properties such 901 Abbot Kinney that cater to creative office tenants," said Jay Glaubach, a Director in DLJ RECP's Los Angeles office. "We believe the property offers unique, design-oriented space for creative professionals such as design firms and media and technology businesses. The property also benefits from an exceptional location on Abbot Kinney Boulevard, within walking distance of some of Los Angeles' most desirable retail and residential neighborhoods. Google's recent relocation to the Venice submarket underscores the area's appeal to companies seeking to attract high-quality creative professionals."
The purchase of 901 Abbot Kinney continues DLJ RECP's strategy of acquiring and restoring vintage properties. In December 2011 DLJ RECP acquired the Taft Building, a historic 1923 office building on the iconic corner of Hollywood Boulevard and Vine Street. DLJ RECP is undertaking a $15 million renovation to restore the building and retrofit its office suites to feature brick walls, polished concrete floors and exposed ceilings. DLJ is also currently developing Blvd 6200, a live/work mixed-use property adjacent to the Taft Building with over 1,000 apartment units, 150,000 square feet of retail on Hollywood's Walk of Fame, and extensive on-site parking. Both projects, like 901 Abbot Kinney, occupy irreplaceable locations and are specifically designed to foster a unique sense of community and creativity among residents and tenants.
"DLJ RECP is focused on investing in dynamic urban communities," said Andrew Rifkin, Managing Partner of DLJ RECP. "We believe that people want to live and work in neighborhoods that are urban, walkable, and sustainable. Our focus on these types of communities in Los Angeles complements our focus on similar areas in other urban centers such as New York."
ABOUT DLJ REAL ESTATE CAPITAL PARTNERS, LLC
DLJ RECP is a leading global investment firm focusing on real estate and real estate-related assets. DLJ RECP was founded in 1995 and has offices in New York, Los Angeles, Hong Kong and Tokyo. DLJ RECP manages a series of real estate private equity funds with total capital commitments in excess of $4 billion. The DLJ RECP funds have acquired 180 investments representing approximately $15 billion in gross transaction value throughout North America, Western Europe and Asia. DLJ RECP takes a rigorous property-by-property approach to investing. The firm's strategy is to acquire well-located assets with high intrinsic value and to enhance that value through creative repositioning and intensive management strategies.
SOURCE DLJ Real Estate Capital Partners, LLC