West L.A. office building sells for $54 million
The five-story Westwood Terrace office building in West Los Angeles near Santa Monica and Sepulveda boulevards recently sold for $54 million, one of the largest sales in the area in the last year.
Only nine sales in West L.A. have been valued over $50 million, according to real estate broker Kevin Shannon of CBRE Group Inc.
A joint venture of Ocean West Capital Partners and Westbrook Partners bought the 150,632-square-foot property from Jamison Properties.
Only about two-thirds of the building is leased, but the new buyers apparently were eager to get their hands on it. The office building was bought before it even hit the market, according to CBRE, which represented Jamison Properties in the sale.
“Investors are clearly attracted to the West L.A. market because of the anticipated strong rental growth driven by increasingly healthy tenant demand,†Shannon said. “Westwood Terrace presents a tremendous creative office repositioning opportunity with significant upside.â€
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