The top five office investment sales of March
March was a busy month for office trades, but a blockbuster trade for Class A space at the Lantana Campus in Santa Monica easily topped them all. Here’s a look at the top trades last month.
1. Lantana Center and Lantana West, Santa Monica | $321.5M
Media production company Skydance Media closed on a deal for half of the Lantana office complex in late March, paying Artisan Realty Advisors and Brightstone Capital Partners around $1,152 per square foot for 278,700 square feet of Class A office space between two buildings.
Sources told The Real Deal that Artisan and Brightstone are gearing up to market the 203,000-square-foot south portion of the campus with Eastdil Secured. Tenants include Tennis Channel and Dick Clark Productions.
2. 8942 Wilshire Boulevard, Wilshire Corridor | $107.5M
Dutch investment firm Breevast cut a deal with a joint venture of Ocean West Capital Partners and Walton Street Capital for two office properties in L.A. last month. The larger of the two deals was for an 83,000-square-foot office building leased entirely to Paradigm Talent Agency. Breevast secured $64 million in financing for the deal.
3. 4525 Wilshire Boulevard, Wilshire Corridor | $46.5M
The other building part of the Breevast deal is a 76,000-square-foot building on Wilshire. Breevast took out a $24.4 million acquisition loan with Zions Bancorporation for the purchase. As of 2016 when Ocean West and Walton Street purchased it, the building was 90 percent leased to a handful of tenants.
4. 18455 South Figueroa Street, Gardena | $29 million
Atlas Capital Group inked a leaseback purchase with struggling electric vehicle developer Faraday Future for its 125,900-square-foot headquarters in Gardena. The firm bought its headquarters — located two neighboring addresses — in 2014 and 2015 for $21 million combined. Faraday said it plans to put the funds toward a rollout of its new model this year.
5. 15127 Whittier Boulevard, Whittier | $19.5M
In Whittier, an entity linked to Arcadia-based investment company Positive Investments sold this 57,000-square-foot office building for around $342 per square foot. The buyers were a family trust for Dr. Sohaul Mahboubian, an Encino-based cardiologist and an entity linked to property manager Davis Harouni. Positive Investments paid $16.5 million for the property just six months prior in September.
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