A 51,288-square-foot Culver City office building has sold for $12.7 million in the second-highest sale in the city in the last year.
An entity controlled by West L.A. real estate management company Realty Center Management Inc. this month bought the three-story property at 6133 Bristol Parkway from Praedium/Palisades Partners in Irvine.
The $247-a-foot price follows only the $287 a foot paid for an office building at 800 Corporate Pointe in a $69.2 million November deal.
Praedium/Palisades purchased the property in 2010 for $8.35 million, $163 a square foot, when it was about 75 percent leased. The company planned to upgrade the property and increase its occupancy to 90 percent before putting it up for sale. The property is now about 85 percent leased.
But the buyer, which had been seeking office space on the Westside, made an off-the-market offer for the property. It sought to occupy up to 10,000 square feet as well as own an income-generating office building.
“They saw it could be a win-win,” said Steve Solomon, Jones Lang LaSalle Inc.’s managing director, who represented the seller in the deal.
Realty Center plans to move to the Culver City site from its current offices at Bundy Drive and Olympic Boulevard by the end of the summer. It plans to continue to operate the building, which has asking rates of about $2.25 a square foot, as is.
Solomon noted that the sale reflected the growing attractiveness of the Culver City market to cost-conscious buyers as other Westside communities heat up.
“They liked it because they could buy a nice office building in West L.A. for under $250 a foot and that same building in Playa Vista would sell for $400 a square foot; that’s just a mile away,” he said. “There’s a lot of demand and I expect the sales market to continue at this momentum for the next 12 to 18 months.”
Jones Lang LaSalle’s Chris Strickfaden also represented the seller in the transaction. The buyer was represented by James Hooks of Cresa and Greg Gill at Lee & Associates.
Warner Center Sale
A newly constructed 244-unit apartment complex in Woodland Hills’ Warner Center has sold for $84 million in the highest price per-square-foot sale of its kind in the area in more than a year.
Teachers Insurance and Annuity Association – College Retirement Equities Fund this month purchased the property at 6355 De Soto Ave., known as Oceano Warner Center, from a development partnership of New York real estate investor Dune Real Estate Partners; Irving, Texas, real estate firm TDI Real Estate Holdings; and an undisclosed land owner.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Buyers Take on Debt to Swing Property Deals
- N.Y. Investor Enters L.A. Market With Record Deal
- Loan Startup Sees Opportunity in Credit Crunch
- Restaurateur Has Something Cooking in Hollywood
- Winnick Makes His Comeback to Beverly Hills With Lease
- Torrance Moves on Property for Transit Center
- Golden Triangle Rounds Up Another Pricey Deal