The 10 Most Expensive Commercial Real Estate Transactions in LA County – Second Quarter 2014
TOWERS BY WORLD TRADE CENTER ARCHITECT SELL FOR COMBINED $1.2 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 and retail categories. Transactions include property sold only between April 1 and June 30, 2014.
1. CENTURY CITY: Century Plaza Towers South,
2049 Century Park E., Los Angeles, CA 90067
$629.5 million
Image © Vincent Lammin, Creative Commons License. 2049 Century Park East on right.
Buyer: JP Morgan Asset Management
Total space: 1,235,299 sq. ft.
Price per square foot: $760.62
Year completed: 1974
ate sold: 06/14/14
Category: Office, Class A
The Century Plaza Towers are featured prominently in the Century City skyline. They resemble the fallen World Trade Center twin towers. Perhaps appropriately so – they were designed by Minoru Yamasaki, the architect who designed WTC.
2. CENTURY CITY: Century Plaza Towers North,
2029 Century Park E., Los Angeles, CA 90067
$610.7 million
Image © Vincent Lammin, Creative Commons License. 2029 Century Park East on left.
Buyer: JP Morgan Asset Management
Total space: 1,198,416 sq. ft.
Price per square foot: $760.62
Year completed: 1975
Date sold: 06/14/14
Category: Office, Class A
Standing at 571 feet, the twin towers are the tallest structures outside of Downtown Los Angeles. They command sweeping views of the LA area and the ocean.
3. CENTURY CITY: 2000 Avenue of the Stars,
2000 Avenue of the Stars, Los Angeles, CA 90067
$401.2 million
Image © El Miali – Creative Commons
Buyer: JP Morgan Asset Management
Total space: 787,323 sq. ft.
Price per square foot: $760.62
Year completed: 2007
Date sold: 06/14/14
Category: Office, Class A
2000 Avenue of the Stars is a 13-story structure that replaces two 8-story buildings known as the ABC Entertainment Center. Office space totals 775,000 square feet, 315,000 of which is occupied by CAA (Creative Artists Agency).
4. DOWNTOWN: PacMutual Building,
523 W. 6th St., Los Angeles, CA 90014
$129 million
Google StreetView
Buyer: Rising Realty Partners
Total space: 424,598 sq. ft.
Price per square foot: $303.82
Year completed: 1926
Date sold: 04/22/14
Category: Office, Class A
Previously a "second-rate" building, the current owners (Rising Realty Partners) have renovated the conventional interiors to accommodate creative office spaces. Although creative workplaces are associated with tech & entertainment sectors, attorneys are now demanding the less formal offices.
5. LONG BEACH: Shoreline Square Tower,
301 E. Ocean Blvd., Long Beach, CA 90802
$101.7 million
Google StreetView
Buyer: Parallel Capital Partners Inc.
Total space: 396,927 sq. ft.
Price per square foot: $256.22
Year completed: 1988
Date sold: 04/01/14
Category: Office, Class A
Parallel Capital Partners, a San Diego based real estate investment firm purchased the building for just over $100 million in April 2014. This is less than a year after they purchased the Bixby Office Park in Seal Beach for $85 million.
6. L SEGUNDO: Continental Tower,
101 Continental Blvd., El Segundo, CA 90245
$98 million
Google StreetView
Buyer: American Realty Capital Properties, Inc.
Total space: 335,052 sq. ft.
Price per square foot: $292.49
Year completed: 1972
Date sold: 06/14/14
Category: Office, Class A
Most of the Continental Tower is leased out to Northrop Grumman, an aerospace and defense equipment company. Appropriately, the building is located less than half a mile away from LAX.
7. DOWNTOWN: Figueroa Tower,
660 S. Figueroa St., Los Angeles, CA 90017
$80 million
Google StreetView
Buyer: JADE Enterprises
Total space: 283,000 sq. ft.
Price per square foot: $282.69
Year completed: 1987
Date sold: 05/22/14
Category: Office, Class A
Although built in 1987, Figueroa Tower has been owned by at least 5 different entities. JADE Enterprises, the current owner, intends to remodel the tower to have creative office space -- in addition to traditional work areas (a common theme among Downtown buildings, for example #4).
8. EL SEGUNDO: Continental Grand Plaza II,
400 Continental Blvd., El Segundo, CA 90245
$67.7 million
Google StreetView
Buyer: DivcoWest
Total space: 247,722 sq. ft.
Price per square foot: $273.20
Year completed: 1999
Date sold: 05/27/14
Category: Office, Class A
Tishman Speyer, the previous landlord, took a substantial loss when they sold Continental Grand Plaza II for $67.7 million in May. The company purchased the building during the real estate boom in July 2006 for $82 million.
9. EL SEGUNDO: Continental Grand Plaza I,
300 Continental Blvd., El Segundo, CA 90245
$65.3 million
Google StreetView
Buyer: DivcoWest
Total space: 239,100 sq. ft.
Price per square foot: $273.20
Year completed: 1986
Date sold: 05/27/14
Category: Office, Class A
Interestingly, Continental Grand Plaza I -- along with Continental Grand Plaza II -- was not owned by the same company prior to DivcoWest’s acquisition. In May 2014, DivcoWest purchased both buildings for a combined $133 million.
10. MALIBU: Malibu Village,
3880-3896 Cross Creek Rd., Malibu, CA 90265
$60 million
Google StreetView
Buyer: Jamestown
Total space: 25,308 sq. ft.
Price per square foot: $2370
Year completed: 1966
Date sold: 05/27/14
Category: Retail
Located next to the Malibu Country Mart, the Malibu Village mall is just a stone throw away from The Colony, a residential enclave known for the number of celebrities who call it home. Sold for $60 million in May, the previous owner (Dune Real Estate Partners, LP) bought it for only $38.5 million in July 2011.