Five “creative” office projects in Santa Monica sell as one portfolio to Lionstone Group, a Texas based investment advisor. The properties sold for $90 million which equated to $545/SF. http://www.latimes.com/business/realestate/la-fi-office-sale-20111213,0,6970992.story
Last of former William Morris (WME) Beverly Hills office buildings sell to CIM in large year-end transaction which resulted in 48% less than 2008 sale. http://www.hollywoodreporter.com/news/william-morris-headquarters-wme-478-272454
This is a good sign for Beverly Hills… big lease and keeping important tenant, UTA. Please go to link: http://latimesblogs.latimes.com/money_co/2011/11/united-talent-agency-leases-former-hilton-hotels-headquarters.html
FOR IMMEDIATE RELEASE
COLDWELL BANKER COMMERCIAL WESTMAC ARRANGES $1.75 MILLION OFFICE SALE LEASE BACK NEAR DOWNTOWN LOS ANGELES
November 14, 2011
LOS ANGELES, CA – A national magazine publisher has sold one of its two Los Angeles office buildings at 2417 Beverly Boulevard for $1,750,000 to a local investor and owner/user janitorial company which will occupy half of the building and the seller will lease back the other half for three years.
“This was a rare purchase opportunity near Downtown with both user potential and investment income.” Michael Rojas said. The building size is 10,720 Square Feet and sits on a 30,632 Square Foot lot. And Mr. Rojas added “Additionally, the land size allows for future development of the property.”
The team of Michael Rojas, William Althouse, and T.C. Macker, CCIM of Coldwell Banker Commercial WESTMAC represented the Seller, 2401 Beverly LLC. Brian Rhie of AB Real Estate represented the buyer, Sun Kee Hong.
Technology and entertainment office space demand strengthen both Santa Monica and Venice coastal submarkets. Should these areas run out of space or rates get too frothy, will Culver City be next? Please see article from this Sunday’s LA Times: http://www.latimes.com/business/realestate/la-fi-commre-tech-20111016,0,6170780.story
Ideal for creative, production and/or entertainment user. The building easily divides for partial building user. Please contact me for full brochure. Please see link: http://www.westmac.com/eblasts/ellis_8931.htm
Rumor has it that the office building at 501 Colorado and the Midas site are in escrow with a hotel developer. What’s astonishing is the rumored price $35MM+ price for both sites (two – 22,500 SF land parcels across the street from one another) which is at least $777/SF per land foot! We’ll see if it closes… Please see Curbed story: http://la.curbed.com/archives/2011/09/downtown_santa_monica_getting_expoready_with_hotel_explosion_1.php
Motivated seller – New Listing in Hawthorne, CA: http://www.westmac.com/eblasts/hawthorne_13901.htm
New Listing: Trophy West Hollywood Retail Investment: http://www.westmac.com/eblasts/melrose_8448.htm