LOS ANGELES, February 4, 2019 – Cushman & Wakefield and Colliers International announced today that 18362-18424 Oxnard Street in the Tarzana neighborhood of Los Angeles is slated for redevelopment into a creative office campus with studio capabilities.
Alvarez & Marsal Capital Real Estate, LLC recently acquired the 4.3-acre site, which was formerly used as production space, and plans to redevelop the project into a state-of-the-art studio and creative office campus branded ELEVAR®. Situated at the intersection of Oxnard Street and Reseda Boulevard, it consists of four standalone flex and industrial buildings totaling 73,045 square feet (sf).
New construction to the site will add over 20,000 sf, bringing the total project size to approximately 96,500 sf, and the campus will feature an abundance of usable outdoor space including a ‘greenbelt’, wifi-enabled patios, and an artisanal cafe. In addition to shaded outdoor areas, the facilities will include above-standard power and data capabilities, high ceilings, and a fitness center for tenants. ELEVAR will also offer ample surface level parking at over 3.4 spaces per 1,000 rsf with the added benefit of being located directly across the street from the Metro Orange Line Reseda Station.
Cushman & Wakefield’s Rob Hooks, Katie Bernhisel, and Dillon Moscone, in partnership with Colliers International’s Kevin Fenenbock and Jacob Mumper, will serve as the leasing agents for the property.
“Alvarez & Marsal is ahead of the game in terms of bringing this level of creative office to the West San Fernando Valley,” said Executive Director Rob Hooks. “The tenants who want this type of space are there, but a project of this caliber has not been available until now. ELEVAR will have all the elements of a truly unique and cutting-edge creative office project.”
Kevin Fenenbock, Executive Vice President at Colliers said, “This is a perfect canvas for the new owners to undertake a creative office experience, offering tenants an alternative to the more traditional office environments located in Encino, Tarzana, Sherman Oaks, and Warner Center. It also marks the necessary evolution of an industrial park that had outlived its useful purpose, a trend we are seeing throughout Southern California as tenants seek a more collaborative work environment.”
For more information about ELEVAR, visit www.elevarstudios.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.