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LOS ANGELES — JLL Capital Markets has arranged $48.7 million in construction financing for Exposition 3, a creative office property located in Los Angeles’ West Adams submarket. Paul Brindley, Jeff Sause and Spencer Richley of JLL secured the three-year, floating-rate loan through HIG Realty Partners on behalf of the borrower, The Luzzatto Co.
Slated for delivery in 2022, Exposition 3 is fully preleased on a long-term basis to an undisclosed company for use as its new headquarters. The property previously served as an industrial property, and Luzzatto is renovating the asset into a two-building, 94,082-square-foot creative office space.