Westside Neighborhood School has picked up two office buildings in Playa Vista in two separate deals for a combined $74.3 million.
The Los Angeles private school bought the two-story buildings at 5340 Alla Road and 12901 West Jefferson Boulevard, L.A. Business First reported.
The respective sellers were LaSalle Investment Management, a unit of Chicago-based JLL; and Brentwood-based Pacshore Partners and A2 Capital Management, based in Beverly Hills.
Westside paid $50.3 million for The Annex, a 132,000-square-foot building on Alla Road. The price calculates to $381 per square foot. The 5-acre property built in 1972 was revamped in 2012, according to LoopNet.
The building has been equipped with editing bays, production soundstages, exclusive patios and private entrances.
The school, located on the same block, also paid around $24 million for the 48,400-square-foot building on West Jefferson, or $496 per square foot. It’s fully leased to IPG Mediabrands, whose subsidiaries, Deutsch LA and Steelhead, base their headquarters there.
Combined, the deals add about 180,400 square feet to the school’s footprint at an average price of $412 per square foot.
It’s not clear what Westside, which has a preschool, elementary and middle schools, intends to do with both buildings.
Brokers Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented LaSalle Investment Management in both deals. Westside Neighborhood School was represented by David Kimball and Sam Devorris of NAI Capital.
“The sale of both assets is a reflection of the increased liquidity we are seeing in the market, especially in a desirable submarket like Playa Vista where investors and users can obtain today a comparatively very attractive basis,” Shannon said in a statement.
— Dana Bartholomew
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