UTA Plaza and Stuart Shiff (Credit: The Location Portal)
While Silicon Valley tech firms were busy leasing large swaths of Los Angeles office space, a mix of buyers capped off 2018 with wide-ranging purchases of office complexes.
The top five office sales in L.A. in December spread from San Gabriel to Beverly Hills, and combined for $374.9 million. They were propelled by DivcoWest’s purchase of the UTA Plaza, which alone is more than the amount spent in the top five sales from several previous months.
1. 9340 Santa Monica Boulevard, Beverly Hills | $230.2 million
DivcoWest Real Estate Investments purchased the Beverly Hills office complex UTA Plaza and The Ice House for $230 million, or about $1,000 per square foot. It was the largest office sale of the month by a long shot.
The seller, Rockefeller Group, acquired the 236,000-square-foot complex for $212 million from Tishman Speyer in 2014.
At 9340 Santa Monica Boulevard, UTA Plaza consists of three four-story buildings on a 3.4-acre campus a few blocks from Beverly Hills City Hall. The purchase boosted DivcoWest’s investment in the Beverly Hills market to nearly $320 million in 2018.
2. 24025 Park Sorrento, Calabasas | $78.2 million
Kilroy Realty sold the 225,340-square-foot complex at 24025 Park Sorrento in Calabasas to a joint venture between Related Fund Management and Cruzan for $78.2 million, or $347 per square foot. Related Fund Management is the fund management arm of Related Companies.
The sale came a few months after the property – called Calabasas Park Centre – hit the market for $84 million. It was built in 2001, and was 96 percent leased to 38 tenants upon closing.
3. 70 S Lake Avenue, Pasadena | $44 million
SteelWave real estate firm sold the property at 70 S. Lake Avenue in Pasadena to developer Jade Enterprises for $44 million. It was built in 1982 and includes 107,500 square feet.
Earlier this year, SteelWave sold a 148,000-square-foot office complex in Marina del Rey for $84 million.
Jade Enterprises has worked more in residential development lately. Last month, the firm filed plans for 30-story tower in the Fashion District.
4. 825 East Broadway, San Gabriel | $11.2 million
A firm called b2 Partners sold the medical office building at 825 East Broadway in San Gabriel to a buyer named Barbara Jen with the entity 8.Dots LLC.
The 11,450-square-foot structure, built in 2017, is completely occupied by DaVita Kidney Care.
5. 1031 N Brand Boulevard, Glendale | $11.1 million
Hamid Tabibzadeh sold the property at 1031 N Brand Boulevard in Glendale to Kennard Development Group. It was built in 1965 and includes 32,300 square feet of space.
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