Culver City’s Economic Appeal Cited: IDS Real Estate Group Unveils Plans for 12-Story, $115 Million Office Tower in Culver City, CA

Santa Monica Luxury Real Estate Culver City’s Economic Appeal Cited: IDS Real Estate Group Unveils Plans for 12-Story, $115 Million Office Tower in Culver City, CA
CULVER CITY, Calif.--(BUSINESS WIRE)--Citing what it terms “a burgeoning demand from companies desiring an affordable Westside Los Angeles presence,” IDS Real Estate Group announces its acquisition of 3.3 acres of land at the Corporate Pointe office campus in Culver City, CA and plans to build a 12-story, $115 million office tower at the site.

David Saeta, senior vice president of Los Angeles-based IDS, said the company completed the property acquisition at the end of 2007 and has secured all entitlements and approvals for a 277,607 square foot, Class A tower designed to LEED Silver standards.

Called “Corporate Pointe Tower,” the new project will be built at 700 Corporate Pointe within the park-like 1.6 million square foot, eight building Corporate Pointe campus, which is strategically located just off the 405 Freeway.

Saeta emphasized that the Lower Westside is one of the most dynamic real estate submarkets in Southern California with over $2 billion in capital committed to projects within one mile of Corporate Pointe. Notable among them is Westfield’s one million square foot Culver City Plaza shopping center which is currently undergoing a $188 million expansion and renovation including 332,600 square feet of new restaurants and shops.

“The Culver City submarket has emerged as a strategic and affordable Westside option saving tenants several dollars a square foot per month compared to similar high quality projects further north,” Steve Walbridge of Cushman & Wakefield said. Walbridge, along with Eric Olofson, represented IDS in the purchase of the last parcel at Corporate Pointe.

Saeta added that Corporate Pointe Tower has been designed to LEED Silver standards coinciding with greater tenant awareness and commitment to sustainability. A photovoltaic panel system integrated into the curtain wall, high performance glazing, energy efficient HVAC systems, water efficient plumbing fixtures, sustainably harvested woods and drought tolerant landscaping selections are among the sustainable features of the project.

“Westside tenants increasingly want to make a statement about their environmental ethos and sustainability is quickly becoming a core objective for corporate, creative and professional firms alike. Occupying LEED buildings also makes good economic sense as companies are experiencing reductions in occupancy costs associated with decreases in utility costs and absenteeism and increases in productivity,” Saeta said.

Designed by Gene Watanabe of Gensler, “the design integrates banded pre-cast panels and ribbon window architectural expressions with a contemporary curtain wall oriented toward the freeway incorporating a dynamic architectural signage feature. A sculptural stair connecting the main lobby to the second level outdoor plaza area will anchor the two-story structural glass lobby which features Venetino marble floors and Makore African hardwood walls. The design maximizes the efficiency of the tower floor plan with 25,200 square foot, column-free floor plates. Column-free corners will offer unobstructed 270-degree views from Palos Verdes to the Santa Monica Mountains,” Watanabe said.

About IDS Real Estate Group

Now in is twenty-first year of business, IDS Real Estate Group is a commercial and residential real estate services company focusing on the Western United States. The company has a portfolio that exceeds 20 million square feet and is currently developing over four million square feet of space with institutional and individual investor partners.