No. 18

Sale of Century Plaza Towers

The biggest Southern California real estate deal in a decade was actually struck in 1996 but thanks to months of delays it didn’t record until March of last year.

The $480 million sale of Century City’s signature Century Plaza Towers precipitated the flurry of Westside office “trophy” properties that traded hands last year. Saban Plaza and Oppenheimer towers in Westwood, and Fox Plaza and the Wilshire Landmark II tower in Brentwood followed in 1997, and investment analysts expect the trend to continue well into 1998 as rental rates rise and scant new development is planned for the Westside.

An investment fund managed by J.P. Morgan & Co. purchased the twin 44-story towers, massive subterranean parking garage and the land below the adjacent ABC Entertainment Center from Delta Towers Joint Venture, an ownership group consisting of several Japanese institutions as well as Citicorp Real Estate Inc. and Prudential Insurance Co. of America.