A land site with an office building sitting on more than an acre in Westwood recently sold for $38.2 million.

Newmark Group Inc., which co-represented the seller in the transaction, announced the sale of 10918-10926 Le Conte Ave. earlier this month.

Le Conte Westwood Development sold the property to an undisclosed buyer. Newmark’s Executive Managing Director Ryan Plummer and Westmac Executive Vice Presidents Willa McNamarra Fields and Jim Burnap represented the seller. Newmark Executive Managing Director David Kluth and Jones Lang LaSalle Inc. Executive Vice President Aliya Coher represented the undisclosed buyer.

The 1.16-acre property has a 9,647-square-foot office building. The buyer plans to develop the property but has yet to disclose specific plans for the site.

“This prime parcel represents a rare chance to acquire land in a high-demand location, and we were pleased to represent the buyer in securing this strategic asset,” Coher said in a statement.

The Westwood office market has 3.4 million square feet of space and nothing under construction or delivered this year, according to data from Newmark. While its current vacancy rate sits at 27.7% – higher than the 25.8% rate seen in West L.A. as a whole – several notable leases have been signed in recent years. That includes Playboy Inc. announcing plans to relocate its headquarters to the area, according to the brokerage.

“An irreplaceable land site near UCLA in Westwood Village is a once-in-a-generation foothold in the heart of Los Angeles, where scarcity, walkability and enduring demand intersect,” Plummer said in a statement. “This core Los Angeles institution’s presence in Westwood is poised to deliver lasting benefits to the entire surrounding community.”

The property is adjacent to UCLA and Ronald Reagan UCLA Medical Center.

“Westwood remains one of the most resilient and sought-after submarkets in Los Angeles, driven by its proximity to UCLA, affluent demographics and limited development opportunities,” Kluth said in a statement.

Desirable market

The property isn’t the only asset in Westwood to change hands.

Late last year Holmby Hall, a Westwood Village retail property with the iconic clock tower, sold for nearly $33 million. The Barry Beitler family sold the property, which was built in the 1920s. It features a nearly 51,000-square-foot property that counts Amazon.com Inc. among its tenants.

The property is a Historic-Cultural Monument, qualifying it for preservation incentives and tax credits and has repositioning potential, according to brokerage Kidder Mathews, which arranged the sale.

And in 2024 the historic Fox Village Theatre in Westwood was purchased by a group of 36 filmmakers, led by Canadian-American director Jason Reitman.

The group, at the time of the sale, said its goal was to preserve the theater and create a cultural landmark.

“When the Village Theater went on the market, I had visions of how quickly the National Theater became a block of condos. I immediately made an offer and hoped my fellow directors would join me on this adventure,” Reitman said in a statement at the time. “We take this stewardship very seriously and hope to offer a true community for anyone who loves the movies.”

Other sales include 11175 Santa Monica Blvd. which sold for $31.5 million in 2023; 11075 Santa Monica Blvd. which sold for $16 million in 2023; and 10900 Wilshire Blvd. which sold for $131 million last year.