Massive creative office space set for West Los Angeles

Element L.A. will be Los Angeles' largest creative office space.

The largest creative office project in west Los Angeles is set for development.

U.S. Bank and Hudson Pacific Properties recently closed on a $65 million construction loan for a 12-acre site aimed at creative companies.

The Los Angeles development, which is called Element L.A., is built on the foundation that it will stimulate creativity and innovation for tenants through a nontraditional workspace.

"Element LA is poised to become one of Southern California's most exceptional creative office campuses," said Mark Lammas, Chief Financial Officer for Hudson Pacific Properties, Inc. "We are pleased to have U.S. Bank provide the financing for this important project."

Hudson owns and operates more than 6 million square feet of commercial property in California and the Pacific Northwest. The firm is renovating a handful of buildings on the existing Element L.A. campus, and the remodeling will include standard features of wood bow truss ceilings, saw tooth skylights, industrial windows, a parking garage ratio of 4 to 1, and outdoor facilities such as a patio and basketball and volleyball courts.

"Creative office space is growing in Los Angeles," said Adrian Metter, U.S. Bank Commercial Real Estate's Los Angeles market manager. "Element L.A. fits perfectly with the surrounding area and accommodates the demand from technology, media and creative industries for this type of commercial space. Hudson is a highly respected developer throughout the West Coast with a tremendous understanding of this market."

What type of companies will reside in the creative office space?
One of the top leases for space in the campus has already been signed.

Riot Games Inc., maker of the international video game hit League of Legends, has agreed to rent all of the Element L.A. space currently being built on Olympic Boulevard between Bundy Drive and Centinela Avenue, according to the Los Angeles Times.

Riot will rent 284,000 square feet of space, and the Times reported that it might be the biggest new Southern California office lease in the last five years.

"We really loved the idea of having one tenant in the whole campus, and Riot Games liked the idea of a dedicated campus exclusively theirs," said real estate broker Jeff Pion of CBRE Group Inc.

Terms of Riot Games' 15-year lease agreement with Element L.A. were not disclosed, but Hudson Pacific's monthly asking price was $3.75 per square foot, according to the Times.

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