Luzzatto Co. Defaults On $48M Loan Linked To Former Sweetgreen HQ
Luzzatto Co. defaulted on a $48M loan linked to the former Sweetgreen headquarters on Exposition Boulevard in Los Angeles.
The loan, provided by El Segundo's TerraCotta Group, came due in August, and Luzzatto owes the entire principal, The Real Deal reported. A notice of default for the property at 3101 Exposition Blvd. was filed with the county of Los Angeles.
Representatives for Luzzatto and TerraCotta didn't immediately respond to requests for comment from Bisnow.
Sweetgreen moved into 57K SF at the Leimert Park property in 2019 but was out as of July 2022, according to TRD. The salad purveyor was "consolidating its operations into the property's smaller second phase at 3102 36th St.," Luzzatto Co.'s Asher Luzzatto told CoStar in December.
Kanye West leased Sweetgreen's old space on a short-term basis, but he wasn't invited to turn that lease into something longer-term when it ended late last year, CoStar reported.
The space is still available for sublease, according to TRD. The complex totals 94K SF.
Office availability in LA was 26.5% in the third quarter, according to Savills, up from 25.4% in the third quarter of 2022. Sublease space rose to 10.8M SF, up from 9.6M SF the same time last year.
