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Monday, May 16, 2022

CRE Awards 2020: Best Office Sale

Vital Statistics

Property Address: 3000 Olympic Boulevard, Santa Monica

Square Footage: 286,000

Deal Value: $321,500,000

During a two-year search to find a corporate headquarters for their client, Trevor Nelson and Travis Landrum led an off-market search to approach all of the building owners with appropriate properties for his client on the westside of LA. Nelson had previously represented this client in the purchase and subsequent sale of the Santa Monica post-office, but during that property’s entitlement, the client outgrew the planned expansion. The client was able to acquire their ideal asset at an attractive price, off-market and it was also a success story for the seller.

Vital Statistics

Property Address: 5800 Bristol Parkway, Culver City

Square Footage: 310,985

Deal Value: $260 million

At $260 million, Culver Pointe (C3) was the largest true core profile office sale in Los Angeles in 2019. Located at 5800 Bristol Parkway in Culver City, the Class A creative office campus totals 310,985 square feet and is situated on 3.31 acres. NKF’s co-head of US Capital Markets, Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, and Senior Managing Directors Laura Stumm and Michael Moll represented the seller, Morgan Stanley, in the 49 percent partial interest sale to PNC and IDS Real Estate Group. Built in 2017, the award-winning, LEED Gold Certified Gensler-designed office tower is 100 percent leased to six tenants with a weighted average lease term of 10.2 years.

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