Culver City Landmark Changes Hands

Filmland Corporate Center, a downtown Culver City landmark occupied by Sony Pictures Entertainment, has been acquired by a group headed by veteran Southland real estate figure Shurl Curci.

Real estate sources familiar with the deal confirmed that the striking eight-story pink granite office building at 10000 W. Washington Blvd. sold for nearly $55 million--which factors to around $150 per square foot.

The property next to Sony’s studio complex was built in 1986 by a group headed by Canadian entertainment entrepreneurs Bruce Mallen and Nicholas Popich at a cost of about $85 million.

Filmland Corporate Center, the first major project in Culver City’s downtown redevelopment district, was envisioned as an entertainment “mart” housing various related industry tenants under one roof. But Sony Pictures, which took over the adjacent Metro-Goldwyn-Mayer studio after MGM moved to Santa Monica, now occupies the entire building on a long-term lease, reportedly through 2027.

Market observers speculated that the relatively low price the property fetched on a per-square-foot basis--compared with other recent sales of high-quality Westside office buildings--reflects Sony’s favorable lease agreement.

Public estate records confirm that Sony Pictures exercised its right to meet any offer for the property--a circumstance that apparently overturned a deal with another buyer. Documents state that Sony “replaced” the initial buyer and named Curci’s group, TCE-Filmland, as Sony’s “nominee for the purpose of taking title to the property.” Records also show that TCE-Filmland took a $36-million loan from Bank of America to purchase the property.

Executives of Sony Pictures, Curci’s Torrance-based Transpacific Development Co. and Jones Lang LaSalle--the brokerage Filmland Development had engaged to sell the property--all declined to comment on the transaction. The Times wasn’t able to reach Filmland Development, which includes investors from the United Arab Emirates, where Popich has long-standing ties.

Real estate broker Howard Sadowsky of Julien J. Studley Inc., who helped Curci negotiate the acquisition, would confirm only that a transaction had occurred.

Curci was a prolific commercial real estate developer over the past quarter-century. Among his high-profile projects are Santa Monica Business Park, Marina Business Center in Marina del Rey, Cerritos Towne Center and the 32-story 1055 W. 7th St. tower in downtown Los Angeles. In Orange County he built South Coast Metro Center and the 2600 Michelson tower, both near John Wayne Airport.