Depot & Atlas: $32.4M C-PACE financing secured for creative campus in Los Angeles

LOS ANGELES, Jul. 10, 2025 – JLL Capital Markets announced today that it has secured $32.4 million in C-PACE financing for Depot & Atlas, a 107,156-square-foot, true Class A creative office campus in the West Adams submarket of Los Angeles, California.

JLL worked on behalf of the borrower, The Luzzatto Company, to secure the $32.4 million in C-PACE capital through Nuveen Green Capital, a leading provider of sustainable commercial real estate financing solutions.

Depot & Atlas, located at 3609-3645 10th Ave., consists of two true Class A creative office buildings with two stories of valuable subterranean parking situated on 1.3 acres at the corner of Exposition Boulevard and 10th Ave. The campus benefits from exceptional transit connectivity, being adjacent to the Exposition/Crenshaw light rail station that connects Santa Monica, Culver City and Downtown Los Angeles, resulting in a growing tenant base seeking best in class space in the submarket.

The Luzzatto Company acquired the property off-market in late 2019, drawn to its transit-oriented location within an opportunity zone. The developer completed Depot, a 94,726-square-foot creative building, in late 2023 and redeveloped the neighboring Atlas building, which spans 12,430 square feet. The property was designed by HLW International and received top honors from the Los Angeles Business Journal at their 2024 Commercial Real Estate Awards. The property is 39% leased, anchored by the Los Angeles Department of Mental Health occupying the entire first floor of the building.

The West Adams submarket has emerged as a vibrant creative district, benefiting from its proximity to several high-profile developments including Baldwin Hills Crenshaw Plaza, Crenshaw Crossing and Cumulus. The property is also surrounded by notable businesses including HBO and two of the Big Five technology companies, which collectively occupy over one million square feet of office space within four miles of the asset.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Jeff Sause and Associate Lauren Sackler.

"We were able to secure competitive C-PACE financing that allowed for a cash-neutral execution," said Sause. "This transaction highlights the continued appeal of well-located creative office spaces in strategic submarkets like West Adams."

Cory Jubran, Senior Director of Originations, Nuveen Green Capital added, “We were proud to provide cost-efficient C-PACE financing to recapitalize the notable Depot & Atlas campus in the emerging West Adams area. Through C-PACE, the Luzzatto Company was able to pay down existing debt, which will result in significant savings, while positioning the property for long-term success. This transaction underscores how C-PACE is continuing to emerge as a flexible mainstream financing solution across the West Coast, as well as nationally for commercial real estate projects at various stages of completion.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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The Luzzatto Company, Inc. and its affiliates invest in diverse real estate assets including retail, office, multi-family, industrial and studio properties, with a history of exceptional returns and recognition as a premier creative developer serving clients such as Red Bull, Yahoo! and NPR. Through pragmatic hard work and dedication, TLC builds portfolios that generate strong investor returns while contributing positively to communities.

With over $3.5 billion originated, Nuveen Green Capital is a national leader in sustainable commercial real estate financing solutions and an affiliate of Nuveen, the $1 trillion+1¹ asset manager and wholly owned subsidiary of TIAA. The company, which was founded by C-PACE industry pioneers who helped design the nation's first successful statewide C-PACE program², has grown to offer a market-leading suite of accretive CRE financing products and a full-service lending platform with all underwriting, legal, and asset management functions executed in-house.

^{1 Total assets under management (AUM) as of 1/1/2025}

^{2 The United States Department of Energy: 2016 C-PACE Report lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.}