A vacant ’80s-era office building in Playa Vista sold last week for $38 million.
West L.A. real estate investment trust Hudson Pacific Properties Inc. paid nearly $373 a square foot for the 102,000-square-foot Marina Corporate Center at 12655 W. Jefferson Blvd. in a sale that closed Oct. 20.
The seller, HighBrook Investment Management of New York, purchased a majority interest in the six-story Class B building in August 2013 for just $16.8 million. According to a press release from HighBrook at the time, the building was sold in an off-market transaction when existing ownership opted to recapitalize the property.
Alex Vouvalides, chief investment officer at Hudson, said the company is confident it will make money on the property, which has a lot of potential for improvement.
“Playa Vista is a proven market for media and technology companies, which complements our other Westside holdings that are similarly positioned to appeal to these industries,” he said. “The building has a great location and configuration that is ideal for repositioning as a creative office, allowing us to increase the value of the property.”