The 10 Most Expensive Commercial Real Estate Transactions in LA County – First Quarter 2016

The 10 Most Expensive Commercial Real Estate Transactions in LA County – First Quarter 2016

DOUGLAS EMMETT BUYS 4 WESTWOOD BUILDINGS FOR $1.34 BILLION

The following is a list of the ten most expensive commercial real estate purchases in LA County. The list was compiled from information provided by CoStar, and includes buildings in office, retail and specialty categories. Transactions include property sold only between January 1 and March 31, 2016.

1. WESTWOOD: Office Building
10960 Wilshire Blvd., Los Angeles, CA 90024
$433.2 MILLION

CoStar

CoStar

Buyer: Douglas Emmett, Inc.
Total space: 590,558 sq. ft.
Price per square foot: $733.48
Year completed: 1971, renovated 1994
Date sold: 03/02/16
Category: Office, Class A

This Westwood office building was part of a four property portfolio that sold to Douglas Emmett last month. Due to the relatively high purchase prices, all four made the Top 10 list and are the top 4 most expensive properties sold in the first quarter of 2016.

 

2. WESTWOOD: Oppenheimer Tower
10880 Wilshire Blvd., Los Angeles, CA 90024
$426.4 MILLION

CoStar

CoStar

Buyer: Douglas Emmett, Inc.
Total space: 581,384 sq. ft.
Price per square foot: $733.48
Year completed: 1970, renovated 1994
Date sold: 03/02/16
Category: Office, Class A

The total price of the Douglas Emmett office building portfolio (#1-4 on this list) totaled $1.34 billion – including a parking garage at 10980 Wilshire Blvd (not included in this list).

 

3. WESTWOOD: Westwood Center
1100 Glendon Ave., Los Angeles, CA 90024
$243.6 MILLION

CoStar

CoStar

Buyer: Douglas Emmett, Inc.
Total space: 332,163 sq. ft.
Price per square foot: $733.48
Year completed: 1965, renovated 2000
Date sold: 03/02/16
Category: Office, Class A

With 1100 Glendon and their recent building acquisitions in Westwood, Douglas Emmett now controls 74% of the Westwood Wilshire office corridor, according to a press release published by the new owners.

 

4. WESTWOOD: The Tower
10940 Wilshire Blvd., Los Angeles, CA 90024
$162.4 MILLION

CoStar

CoStar

Buyer: Douglas Emmett, Inc.
Total space: 221,396 sq. ft.
Price per square foot: $733.48
Year completed: 1988
Date sold: 03/02/16
Category: Office, Class A

10940 Wilshire and the rest of the portfolio (#1-3) was purchased through a joint venture between Douglas Emmett, a Santa Monica based REIT and Qatar Investment Authority, the state of Qatar’s sovereign wealth fund, which has over $170 billion in assets.

 

5. DOWNTOWN: Office Building
915 Wilshire Blvd., Los Angeles, CA 90017
$128.5 MILLION

CoStar

CoStar

Buyer: Lincoln Property Company
Total space: 390,312 sq. ft.
Price per square foot: $329.10
Year completed: 1980
Date sold: 03/18/16
Category: Office, Class A

The new owner (or old owner) of 915 Wilshire is Lincoln Property Company. Previously, they were proprietors of the office building, selling it to Brickman Associates in 2007. Directly across the street is the 73-story Wilshire Grand Center, the 1,099 foot skyscraper that will be the tallest building west of the Mississippi when it is complete.

 

6. HOLLYWOOD: CNN Building – Sunset Tower
6430 W. Sunset Blvd., Los Angeles, CA 90028
$127 MILLION

CoStar

CoStar

Buyer: Tishman Speyer
Total space: 204,122 sq. ft.
Price per square foot: $622.18
Year completed: 1968, renovated 2001
Date sold: 02/11/16
Category: Office, Class A

Tishman Speyer acquired the 14-story Hollywood tower in February for $127 million. The property also includes a 5-story parking structure. Current tenants include CNN and BLT Communications, an entertainment marketing firm.

7. BEVERLY HILLS: Beverly Hills Post Office
321-325 N. Maple Dr., Beverly Hills, CA 90210
$77.2 MILLION

CoStar

CoStar

Buyer: Centurion Real Estate Partners
Total space: 176,868 sq. ft.
Price per square foot: $436.48
Year completed: 1993
Date sold: 03/08/16
Category: Specialty Post Office

The previous owner of this Beverly Hills property was Centurion Real Estate, who purchased it from the United States Postal Service for $32.5 million in 2014. This has been the main post office for Beverly Hills since the 1990s.

 

8. PASADENA: Tower 2
55 S. Lake Ave., Pasadena, CA 91101
$77.1 MILLION

Google Street View

Google Street View

Buyer: CBRE Global Investors Ltd.
Total space: 232,989 sq. ft.
Price per square foot: $330.81
Year completed: 1991
Date sold: 03/14/16
Category: Office, Class A

Both Tower 1 (#10 on this list) and Tower 2 are known as Pasadena Towers, a Class A+ office campus located in the heart of the city’s retail shopping center district. The property is located on the intersection of Colorado Boulevard and Lake Ave, boasting a prime location in Pasadena.

 

9. EL MONTE: El Monte Shopping Center - Longo Dealership
3500-3610 Peck Rd., El Monte, CA 91731
$76.3 MILLION

Google Street View

Google Street View

Buyer: Merlone Geier Management, Inc.
Total space: 427,327 sq. ft.
Price per square foot: $178.52
Year completed: 1985, renovated 1989
Date sold: 01/14/16
Category: Retail (Power Center)

The acquisition of the El Monte Shopping Center by San Diego-based Merlone Geier Management was the 9th most expensive CRE transaction in Q1 2016. This center is unusual in that it combines an auto dealership and traditional retail. Tenants include Longo Lexus/Toyota, Sears, Starbucks, Staples, and Union Bank.

 

10. PASADENA: Tower 1
800 E. Colorado Blvd., Pasadena, CA 91101
$76 MILLION

Google Street View

Google Street View

Buyer: CBRE Global Investors Ltd.
Total space: 229,596 sq. ft.
Price per square foot: $330.81
Year completed: 1991
Date sold: 03/14/16
Category: Office, Class A

Comprising of Tower 1 and Tower 2 (#8), Pasadena Towers recently underwent an $18 million renovation. New amenities of the tower include a courtyard with Wi-Fi enabled, fitness center, bike room and 2,000 sq. ft. conference room.

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