The 10 Most Expensive Commercial Real Estate Transactions in LA County - Q1 2017

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, mixed-use, multifamily and hospitality categories. Transactions include property sold only between January 1 and March 31, 2017.

10. BURBANK: Buena Vista Plaza
2411 W. Olive Ave., Burbank, CA 91506
$52.5 MILLION

CoStar

Buyer: Menlo Equities
Total space: 117,859 sq. ft.
Price per square foot: $445.45
Year completed: 1991, renovated 2004
Date sold: 01/19/17
Category: Office, Class A

Fittingly, the Buena Vista Plaza building is nearly 100% leased by The Walt Disney Company. The only other tenant is Partners Federal Credit Union. This 7-story building is just a block away from The Walt Disney Studios, making it a convenient location for the company to house its offices.

9. WILMINGTON: Portofino Townhomes
1625 W. Pacific Coast Highway, Wilmington, CA 90744
$67.75 MILLION

Google Earth

Buyer: Virtu Investments
Total space: 251,989 sq. ft. (200 units)
Price per square foot: $268.86 (Price per unit: $338,750)
Year completed: 1987
Date sold: 02/27/17
Category: Multifamily

Portofino Townhomes is a 200 unit multifamily complex located in Wilmington, and features 1, 2 & 3 bedroom units. It is situated near the 110 freeway, LA Harbor College, Harbor Park Golf Course & the Port of Long Beach.

8. GLENDALE: Glendale Center
611 N. Brand Blvd., Glendale, CA 91203
$83 MILLION

CoStar

Buyer: Onni Group
Total space: 396,000 sq. ft.
Price per square foot: $209.60
Year completed: 1972, renovated 1996
Date sold: 02/24/17
Category: Office, Class A

The building at 611 N. Brand is the 2nd most expensive commercial property sold in Glendale during the first quarter. Glendale Plaza (#3 below) is Q1’s most expensive in Glendale. It sold to Canada based Onni Group, a real estate investment / development company.

7. MIRACLE MILE: Desmond at Wilshire
5520 Wilshire Blvd., Los Angeles, CA 90036
$105 MILLION

CoStar

Buyer: Monogram Residential Trust
Total space: 200,000 sq. ft. (175 units)
Price per square foot: $525 (Price per unit: $600,000)
Year completed: 2016
Date sold: 01/31/17
Category: Multifamily

Newly constructed just last year, Desmond at Wilshire is a 175 unit multifamily building located in Miracle Mile. Built on the rear, surface parking lot of Desmond’s, an old building once the site of a department store, the apartments retain the Wilshire Boulevard address.

6. PLAYA VISTA: The Annex
5340 Alla Rd., Los Angeles, CA 90066
$109.7 MILLION

CoStar

Buyer: LaSalle Investment Management Inc.
Total space: 130,150 sq. ft.
Price per square foot: $842.51
Year completed: 1973, renovated 2012
Date sold: 01/19/17
Category: Creative Office

The Annex is an office building in the Playa Vista area, located nearby all of the tech industry’s largest companies, such as Facebook, Google and Yahoo. The structure was converted to creative office space in 2012. Vevo, a music entertainment company, calls The Annex its LA headquarters.

5. LOS ANGELES: Doheny Eye Institute Medical Building
1537 Norfolk St., Los Angeles, CA 90033
$112 MILLION

Google Street View

Buyer: University of Southern California (USC)
Total space: 150,608 sq. ft.
Price per square foot: $743.65
Year completed: 1984
Date sold: 03/01/17
Category: Office, Class B

USC closed on a medical office building, adjacent to its Health Sciences Campus and LAC + USC Medical Center, last month. It purchased the 6-story structure from Doheny Eye Institute for $112 million. As owner/user, the university will occupy the entire building.

4. HOLLYWOOD: Jefferson at Hollywood
1724 N. Highland Ave., Los Angeles, CA 90028
$132.5 MILLION

CoStar

Buyer: Redwood Partners Inc.
Total space: 238,441 sq. ft. (270 units)
Price per square foot: $555.69 (Price per unit: $490,741)
Year completed: 2010
Date sold: 01/03/17
Category: Mixed-use

This mixed-use building is situated in the center of Hollywood, across the street from Hollywood & Highland shopping center, TCL Chinese Theatre & Dolby Theatre. Jefferson at Hollywood features 270 apartments and over 8,800 sq. ft. of retail space.

3. GLENDALE: Glendale Plaza
655 N. Central Ave., Glendale, CA 91203
$179 MILLION

CoStar

Buyer: DivcoWest
Total space: 547,302 sq. ft.
Price per square foot: $327.06
Year completed: 1999
Date sold: 03/01/17
Category: Office, Class A

Real estate investment firm DivcoWest acquired Glendale Plaza, a 25-story office building. According to the LA Business Journal, the new owner plans to “spruce up” the common areas and will capitalize on rents that have been rising in the submarket.

2. HOLLYWOOD: W Hollywood Hotel
6250 Hollywood Blvd., Los Angeles, CA 90028
$219 MILLION

CoStar

Buyer: Host Hotels & Resorts
Total space: 180,000 sq. ft. (305 rooms)
Price per square foot: $1,217 (Price per room: $718,033)
Year completed: 2010
Date sold: 03/08/17
Category: Hospitality

Host Hotels & Resorts, one of the largest owners of lodging real estate in the U.S., purchased the W Hollywood last month. The company owns 3 other hotels in LA County: The Ritz-Carlton Marina Del Rey, Marina Del Rey Marriott, and The Westin Los Angeles Airport.

1. WOODLAND HILLS: LNR Warner Center
5700 Canoga Ave, Woodland Hills, CA 91367
$235.5 MILLION

Google Earth

Buyer: Oaktree Capital Management
Total space: 808,274 sq. ft.
Price per square foot: $291.36
Year completed: 2003
Date sold: 02/01/17
Category: Office, Class A

In February, Hines unloaded 5 of their Woodland Hills office buildings, which sold to LA-based Oaktree Capital Management. At $235.5 million, LNR Warner Center is the most expensive commercial property sold in Q1 2017. It is interesting to note that two adjacent sister properties (LNR Warner Center IV - part of the same complex) were sold by Starwood Property Trust for nearly $150 million last December.