SANTA MONICA OFFICE BUILDING SELLS FOR $284 MILLION

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, multifamily and healthcare categories. Transactions include property sold only between April 1 and June 30, 2015.

1. SANTA MONICA: 2600 & 2700 Colorado
2600-2800 Colorado Ave., Santa Monica, CA 90404
$284 MILLION

Buyer: Invesco Real Estate
Total space: 316,000 sq. ft.
Price per square foot: $898.73
Year completed: 1988
Date sold: 04/20/15
Category: Office, Class A

Purchased for $284 million, this Santa Monica building starts off the list for the most expensive CRE transactions. It is filled with amenities such as commissary, subterranean parking, recreation center, operable windows and child care facility. Office workers and visitors to the building will find it convenient that the soon to be completed Bergamot station will be only a block away.

2. MIRACLE MILE: 6300 Wilshire
6300 Wilshire Blvd., Los Angeles, CA 90048
$148.5 MILLION

Buyer: Intercontinental Real Estate Corp.
Total space: 407,915 sq. ft.
Price per square foot: $364.12
Year completed: 1971, renovated 1992
Date sold: 05/22/15
Category: Office, Class A

Located in the Miracle Mile district of Los Angeles, 6300 Wilshire is also known as the New York Life building, due to the company’s signage on the exterior. In May, the Intercontinental RE Corporation purchased the building for almost $150 million.

3. WESTCHESTER: The Promenade
6081 Center Dr., Los Angeles, CA 90045
$111 MILLION

Buyer: Laurus Corporation
Total space: 248,841 sq. ft.
Price per square foot: $446.07
Year completed: 2001
Date sold: 06/09/15
Category: Retail (Theme/Festival Center)

The Promenade at Howard Hughes Center is adjacent to the 405 freeway and is a common sight when traveling to and from LAX. The anchor tenants of the mall include Cinemark & Dave & Busters. A $30 million renovation is currently underway, the first facelift since the mall’s construction in 2001.

4. TORRANCE: Pacific Center
21250 Hawthorne Blvd., Torrance, CA 90503
$68.5 MILLION

Buyer: Stream Realty Partners, L.P.
Total space: 302,628 sq. ft.
Price per square foot: $226.35
Year completed: 1988, renovated 2013
Date sold: 04/29/15
Category: Office, Class A

Pacific Center is located directed across the street from the Village Del Amo and the Del Amo Fashion shopping centers, giving tenants a great work and play balance. This 8 story Class A office building was just renovated in 2013, giving prospective lessees an attractive choice in the Torrance Submarket.

5. TORRANCE: Del Amo Crossing
21515 Hawthorne Blvd., Torrance, CA 90503
$39.3 MILLION

Buyer: The Muller Company
Total space: 214,559 sq. ft.
Price per square foot: $183.09
Year completed: 1968
Date sold: 06/24/15
Category: Office, Class A

It was hot on Hawthorne Boulevard in Torrance in Q2 as this is the second property on the same street that made the list. In relation to Pacific Center, Del Amo Crossing is only a block away. The concentration of retail, office and hotel properties speak to the high amount of commerce done in this area of Torrance.

6. PASADENA: Wells Fargo Bank Building
350 W. Colorado Blvd., Pasadena, CA 91105
$33 MILLION

Buyer: System Property Development Company Inc.
Total space: 84,033 sq. ft.
Price per square foot: $392.70
Year completed: 1985
Date sold: 05/29/15
Category: Office, Class B

Boasting convenient access to the 210 & 134 freeways, this Downtown Pasadena building is situated in a strategic location – enabling those working or visiting the site to quickly access the freeways if needed. The Wells Fargo Building is 0.3 miles away from Paseo Colorado shopping and restaurants and 0.7 miles away from Del Mar Station of Metro Gold Line, both easy walking distance for lunch and public transportation.

7. EL SEGUNDO: The Station
2201 E. El Segundo Blvd., El Segundo, CA 90245
$31.1 MILLION

Buyer: Argonaut Group, Inc.
Total space: 53,788 sq. ft.
Price per square foot: $578.71
Year completed: N/A (Under construction)
Date sold: 06/25/15
Category: Office, Class B

Perhaps no coincidence, The Station is right next to a Metro Green Line station. The Station is a building that was constructed on land that used to be home to the Raytheon Company.  The previous owners, Montana Avenue Capital, invested “significant” capital to redevelop the property, according to an LA Times article.  

8. CULVER CITY: Robertson Station Building 1
3710 Robertson Blvd., Culver City, CA 90232
$27.9 MILLION

Buyer: Karney Management Company
Total space: 86,000 sq. ft.
Price per square foot: $324.56
Year completed: 1987, renovated 2010
Date sold: 06/04/15
Category: Office, Class B

One common theme with the numerous properties on this list (such as #1 & #7) is that they are extremely near (sometimes adjacent) to Metro light rail stops. This Culver City property is no exception, being next to what is currently the last stop on the Expo line. The high prices paid for these properties reflect their premium location. 

9. SANTA CLARITA: Pacific Senior Living Santa Clarita
24305 Lyons Ave., Santa Clarita, CA 91321
$22.8 MILLION

Buyer: Senior Housing Properties Trust
Total space: 52,194 sq. ft.
Price per square foot: $437.69
Year completed: 1988
Date sold: 05/01/15
Category: Health Care

This is an 88-unit apartment building in Santa Clarita and a total of 55 parking spaces are available on the property. The complex was bought in May by Senior Housing Properties Trust, a publicly traded company headquartered in Massachusetts.

10. SANTA CLARITA: Bouquet Canyon Senior
26705 Bouquet Canyon Rd., Santa Clarita, CA 91350
$20.9 MILLION

Buyer: Kennedy Wilson Properties, Ltd.
Total space: 256,086 sq. ft. (264 units)
Price per square foot: $132.88 (Price per unit: $79,271)
Year completed: 1999
Date sold: 06/01/15
Category: Multifamily

This Santa Clarita property is the second to be featured and concludes the most expensive CRE transactions in Q2. Just like Pacific Senior Living (#9), it houses senior citizens in multifamily units. Bouquet Canyon was bought by Beverly Hills based Kennedy Wilson last month.

Note: List is current as of publication date and may be subject to change, based on updated information, etc. While every effort is made to verify the list content & order, no guarantee can be made in regards to accuracy.