Downtown-based developer Ocean West Capital Partners and Westbrook Partners in New York are closing on a $93 million deal to sell the five-story, 165,000-square-foot Westwood Terrace office building at 1640 S. Sepulveda Blvd. in Westwood to a Goldman Sachs Group Inc. real estate fund, according to a source close to the deal.
The deal is expected to close on Aug. 31, the source said. Ocean West will continue to manage the property after the pending sale closes.
Newmark Knight Frank is representing both sides of the deal, sources said.
A representative for the firm declined comment.
Westwood Terrace is located a short distance east of the 405 freeway.
It was built in 1988 and last sold in 2013 for $54 million, according to CoStar Group Inc.
The building sits squarely in the Westside submarket, the largest office market in L.A. County, and among its most expensive. There was 50.5 million square feet of office space on the Westside with the average asking rent for Class A space at $5.22 per square foot during the second quarter of 2018, according to data provided by Jones Lang LaSalle Inc.
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