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

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

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 creative office, office, industrial, retail and multifamily categories. Transactions include property sold only between April 1 and June 31, 2016. All properties on this list sold for over $100 million.


1. SANTA MONICA: Colorado Center
2400-2500 Broadway & 2401-2525 Colorado Ave., Santa Monica, CA 90404
$513.15 MILLION

CoStar

CoStar

Buyer: Boston Properties (joint venture with TIAA)
Total space: 1,125,823 sq. ft.
Price per square foot: $911.60 (valued)
Year completed: 1983-1991, renovated 2004
Date sold: 06/16/16
Category: Creative Office

Last month, Boston Properties acquired a 49.8% interest from Blackstone in Colorado Center for over $513 million. Colorado Center is a 5 building creative office campus totaling over 1.1 million square feet & an underground parking garage with 3,100 stalls.

 

2. EL SEGUNDO: Apollo at Rosecrans
2120-2175 E. Park Pl., El Segundo, CA 90245
$327.25 MILLION

CoStar

CoStar

Buyer: Intercontinental Real Estate Corporation
Total space: 546,833 sq. ft.
Price per square foot: $598.45
Year completed: 1971, renovated 2014-2016
Date sold: 05/09/16
Category: Creative Office

Located in the booming Rosecrans Corridor, Apollo at Rosecrans is a 5 building creative office complex located in El Segundo. Amenities include basketball court, dog park, showers & outdoor fireplace.

3. DOWNTOWN: 400 South Hope
400 S. Hope St., Los Angeles, CA 90071
$313.6 MILLION

CoStar

CoStar

Buyer: GLL Real Estate Partners / The PNC Financial Services Group
Total space: 701,535 sq. ft.
Price per square foot: $447.07
Year completed: 1982
Date sold: 05/20/16
Category: Office, Class A

The previous owner, CBRE Global Investors, sold its building to multiple investors in May. CBRE is one of the major tenants and has signage rights on the exterior of the skyscraper.

 

4. WEST LA: Wells Fargo Center
11601 Wilshire Blvd., Los Angeles, CA 90025
$311 MILLION

CoStar

CoStar

Buyer: Hudson Pacific Properties
Total space: 500,475 sq. ft.
Price per square foot: $621.41
Year completed: 1983
Date sold: 06/30/16
Category: Office, Class A

Hudson Pacific Properties are now owners of the building, which has been their headquarters for the past six years. The property is 83% occupied, the new owners intend to lease-up and renovate the property.

 

5. MIRACLE MILE: 5900 Wilshire
5900 Wilshire Blvd., Los Angeles, CA 90036
$230.2 MILLION

CoStar

CoStar

Buyer: AXA Investment Managers (joint venture with Prudential Real Estate Investors & The Ratkovich Company)
Total space: 452,765 sq. ft.
Price per square foot: $508.33
Year completed: 1971
Date sold: 04/14/16
Category: Office, Class A

5900 Wilshire is an office property located in Miracle Mile, located near LACMA and the La Brea Tar Pits. Major tenants include Edelman, a public relations firm and SBE, a LA based hospitality & entertainment company.

 

6. DOWNTOWN: The Garland Center
1200 W. 7th St., Los Angeles, CA 90017
$210 MILLION

CoStar

CoStar

Buyer: H.I.G Realty Partners / Rising Realty Partners / Silverpeak Real Estate Partners
Total space: 733,000 sq. ft.
Price per square foot: $286.49
Year completed: 1983
Date sold: 06/09/16
Category: Office, Class A

Wells Fargo unloaded this property last month, selling it to a trio of real estate investors. Originally built as an operations center for First Interstate Bank, the structure is 9 stories high with 3 stories of underground data center space. It also includes an extensive parking structure.

 

7. SANTA FE SPRINGS: Vons Distribution Center
12801 Excelsior Dr., Santa Fe Springs, CA 90670
$147.5 MILLION

CoStar

CoStar

Buyer: Goodman Birtcher North America
Total space: 1,000,000 sq. ft.
Price per square foot: $147.50
Year completed: 1976
Date sold: 05/26/16
Category: Industrial

This Santa Fe Springs industrial space is the first listing that is not in Los Angeles and is not a Class A office property. The property is a six-building warehouse encompassing 1 million square feet on 76 acres of land. Vons is the current lessee of the property.

 

8. BURBANK: Burbank Town Center
201 E. Magnolia Blvd., Burbank, CA 91502
$147.2 MILLION

CoStar

CoStar

Buyer: Cypress Equities (joint venture with Crown Realty & Development)
Total space: 700,332 sq. ft.
Price per square foot: $210.17
Year completed: 1991, renovated 2005
Date sold: 04/11/16
Category: Retail (Super Regional Mall)

The Burbank Town Center is a super regional mall with tenants that include Macy’s, Sears, Burlington Coat Factory and Bed Bath & Beyond. The sale also includes a building currently occupied by IKEA. When IKEA moves to their new building, the site will become a 7-story mixed use structure with apartments & retail.

 

9. RANCHO PALOS VERDES: Avana Rancho Palos Verdes
6600 Beachview Dr., Rancho Palos Verdes, CA 90275
$105.5 MILLION

CoStar

CoStar

Buyer: Greystar
Total space: 239,519 sq. ft.
Price per square foot: $440.47 (Price per unit: $490,698)
Year completed: 1970
Date sold: 05/12/16
Category: Multifamily

Comprised of 215 apartment units, Avana Rancho Palos Verdes was the most expensive multifamily asset sold in Q2. As its street name indicates, some of the apartment units boast views of the ocean, just a block away. It is adjacent to the Terranea Resort.

 

10. WESTCHESTER: Univision Television
5999 Center Dr., Los Angeles, CA 90045
$102 MILLION

CoStar

CoStar

Buyer: CBRE Global Investors
Total space: 174,084 sq. ft.
Price per square foot: $585.92
Year completed: 2000
Date sold: 04/01/16
Category: Office, Class A

This Westchester building sold at the beginning of the second quarter to CBRE Global Investors. The real estate investment firm was looking to "place equity to add to their portfolio," according to CoStar. It is located next to the 405 freeway and is just minutes away from LAX. Univision is the sole occupant of the building, which houses their West Coast headquarters.

Note: The list does not include non-market transfer transactions. 

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