Fundrise has secured a new tenant at one of its developments in south Los Angeles.
Mom, a creative advertising company, signed a long-term lease for all 27,000 square feet of space across 4202-4216 West Jefferson Boulevard, Fundrise said Wednesday. Financial terms were not disclosed. The company plans to relocate headquarters there from a 6,200-square-foot building at 5290 Washington Boulevard in West Adams.
The office campus with three buildings on one floor is being renovated, a project that is expected to be completed next year.
Fundrise, an investment company that has recently shifted its focus to single-family rentals, owns office and retail properties in South LA. It bought West Jefferson property in 2019 for $ 14 million.
Along West Jefferson, Fundrise plans to renovate a number of small commercial buildings and renovate them into small offices with retail components. In Wednesday’s press release, the company said it owns 18 within a radius of a few blocks.
Fundrise bought its first building there in 2017 and signed its first lease with rapper Nas’ music and production company Mass Appeal for a converted warehouse and office building of 5,000 square meters.