ASB Real Estate Investments said today that it had sold Latitude 34, a prominent but vacant Playa Vista 300,000-square-foot office complex, for $132.7 million.
New York real estate firm Clarion Partners bought the two-building property from ASB, which developed the complex in the 1,087-acre master-planned community with Lincoln Property Co. in 2010.
Unable to lease the space, the Washington, D.C., developer last year commissioned downtown L.A. architecture firm Gensler to design exterior and common area upgrades to make the property more attractive to creative and technology tenants.
Rick Schaupp, director and portfolio manager at Clarion, said the company will follow through with those improvements, as well as an extensive landscape overhaul designed by Valley Crest Landscape Cos.
“This acquisition gives us a significant position in one of the fastest growing sub-markets in Los Angeles,” he said.
David Quigley, chief investment officer for ASB, said the time was right to sell the property in order to invest elsewhere.
“The sale takes advantage of significantly rising office prices in the surrounding Playa Vista market,” he said.
Lincoln will continue to manage the property and, with L.A. Realty Partners, handle leasing, too.
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