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Buyers of Olympic-Bundy property plan creative office campus

May 20, 2012|By Roger Vincent
  • The Olympic Bundy Media Campus is an 11.5-acre collection of properties on Olympic Boulevard between Bundy Drive and Centinela Avenue. Above, the intersection of Olympic and Bundy.
The Olympic Bundy Media Campus is an 11.5-acre collection of properties… (Irfan Khan / Los Angeles…)

The West Los Angeles site of a proposed medical office and residential complex opposed by neighbors because of its size has been purchased by a local real estate company that vows to keep its development aspirations in check.

Hudson Pacific Properties Inc. has agreed to pay $89 million for the Olympic Bundy Media Campus, an 11.5-acre collection of properties on Olympic Boulevard between Bundy Drive and Centinela Avenue.

A previous owner, Stonebridge Holdings Inc., planned a 1.3-million-square-foot complex of medical offices, retail stores and housing called Bundy Village & Medical Park. It was approved by the Planning Commission but was contested by residents and business worried about increased traffic in the busy Olympic Boulevard corridor.

Hudson proposes to keep the four buildings totaling 233,600 square feet and make them part of an office complex for tenants in creative businesses.

“By renovating and repositioning the existing buildings and creating an interior courtyard, we can provide the eclectic environment that is in demand by the region’s growing technology, media and other creative businesses,” Hudson said.

The centerpiece for the campus is a 1950s-era, 167,000-square-foot building with high wood bow truss ceilings, saw-tooth skylights and industrial windows.

Hudson said it will not seek any height or density variances for its low-rise office campus. The site is zoned for an additional 500,000 square feet of development, however.

Hudson’s purchase from Merlone Geier Partners, a San Francisco real estate investment company, is expected to close before Sept. 1.

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