Summary
Depot & Atlas is a creative office campus comprised of two Class A office buildings located on 1.3 acres within the burgeoning West Adams submarket, an Opportunity Zone in Los Angeles. Developed and designed for flexible use in 2023, Depot is an award-winning, modern, multi-story office building spanning 94.7k square feet, complete with subterranean parking. Atlas is a recently reimagined 12.4k-square-foot, 60-year-old building, which was updated with new systems and finishes, while maintaining the property’s original industrial character. Developed by The Luzzatto Company, which specializes in creative office assets, Depot & Atlas is located in close proximity to the Exposition/Crenshaw light rail station, as well as the popular Hayden Tract area.
Opportunity
NGC partnered with JLL to provide $32.4 million in C-PACE capital for a cash-neutral refinance to fully pay down the outstanding mortgage balance, requiring no additional sponsor equity. By utilizing C-PACE’s flexible terms to recapitalize energy and water efficiency measures for both assets post-construction completion, the Sponsor was able to pay down existing debt, which will result in significant savings, that will position the property for long-term success.
