Pacific Concourse at 5220-5245 Pacific Concourse Drive
The top office investment sales of March in Los Angeles County totaled nearly $127 million. They were led by two sales outside of the city, and includes one sale in the suburbs on the very edge of northwest L.A. County, where a prominent shoemaker is leaving for a location Downtown. March saw Kennedy-Wilson add to its portfolio in Beverly Hills and a Boston-based investor make a big buy outside of Los Angeles International Airport.
The numbers were compiled from property records by Real Capital Analytics
1. Pacific Concourse — Beacon Capital Partners | $42.5 million
Boston-based Beacon Capital Partners topped the list for March with the purchase of a three-building office complex at 5220-5245 Pacific Concourse Drive in Del Aire. The complex totals 228,500 square feet on 10 acres and is located just southeast of Los Angeles International Airport. The seller was LBA Realty, which purchased the property about a decade ago for $35 million. Tenants include three academic institutions — Argosy University, National University, and the University of California Los Angeles’ paramedic school.
2. 136 El Camino Drive — Kennedy-Wilson | $34.25 million
Kennedy-Wilson picked up this 23,000-square-foot office building in Beverly Hills through an LLC from a family trust connected to turn-of-the-century oil tycoon Edward Doheny, the namesake of Doheny Drive. Kennedy-Wilson owns two other properties on the block at 150 and 151 El Camino Drive. Unsurprisingly, the Beverly Hills sale was the highest on our list in terms of price per square foot, at $1,473. The firm has around 1.2 million square feet of commercial real estate spread around Southern California, along with 3,000 multifamily units in its portfolio. Earlier in March, it expanded into the tenant representation business when it absorbed the Corporate Realty Associates brokerage.
3. 520 N. Central Avenue — Octane Realty & Development | $27.5 million
This eight-story office building in Glendale has changed hands three times since 2007 and not always for a profit. This time it did. Pasadena-based Octane Realty & Development bought the nearly 98,000-square-foot office tower from a joint venture of Lincoln Property Company and Long Warf Real Estate Partners who turned it around quick after a February purchase for $19.6 million from Prudential Real Estate Investors. Prudential had paid $24.5 million for it in December 2007, just before the recession hit.
4. 7590 N. Glenoaks Boulevard — Walt Family Trust | $11.5 million
This 72,000-square-foot suburban office building at the foot of the San Gabriel Mountains was purchased from a Florida owner who paid $10.6 million for it in early 2001. The buyer took out a $7 million mortgage with Bank of the West to make the buy, which penciled out to around $159 per square foot.
5. 31248 Oak Crest Drive — Selleck Development Group | $11 million
A flat price of $11 million got Westlake Village-based investor Selleck this 54,000-square-foot suburban office way out in the firm’s hometown just south of Thousand Oaks. The property was the headquarters of preppy shoemaker K-Swiss, which announced in 2016 it would relocate to Downtown Los Angeles, along with its sister companies Palladium, Supra, and Otz Shoes, according to Footwear News.
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