The 10 Most Expensive Commercial Real Estate Transactions in LA County – Third 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 July 1 and September 30, 2016.
1. WEST LA: Office Building
12100 Wilshire Blvd., Los Angeles, CA 90025
$225 MILLION
CoStar
Buyer: Douglas Emmett & Qatar Investment Authority
Total space: 365,000 sq. ft.
Price per square foot: $616.44
Year completed: 1985
Date sold: 07/21/16
Category: Office, Class A
This West LA office building was purchased through a joint venture between Douglas Emmett & Qatar Investment Authority, the sovereign wealth fund of Qatar. The $225 million purchase price is exactly what the previous owner Hines paid for it in 2007.
2. PLAYA VISTA: Playa Jefferson – Buildings A, B, C, D + parking structure
12777 W. Jefferson Blvd., Los Angeles, CA 90066
$165 MILLION
CoStar
Buyer: Rockwood Capital
Total space: 268,563 sq. ft.
Price per square foot: $614.38
Year completed: 1978-1982, renovated 2013
Date sold: 07/22/16
Category: Creative Office
Home to Facebook’s LA headquarters, Playa Jefferson is a creative office campus located across the street from the massive Runway multifamily/retail project. It is composed of 4 buildings currently, however a 55k sq. ft. building is under construction & will be completed by 2018. It also includes a recently built parking structure.
3. SANTA MONICA: SeaRise Office Tower
233 Wilshire Blvd., Santa Monica, CA 90401
$139.5 MILLION
CoStar
Buyer: Douglas Emmett & Qatar Investment Authority
Total space: 128,935 sq. ft.
Price per square foot: $1,082
Year completed: 1975, renovated 1989
Date sold: 09/27/16
Category: Office, Class A
Douglas Emmett and QIA also completed the 2nd most expensive transaction in Q3. The two companies have been making large real estate investments in the Los Angeles area, particularly on the Westside. Earlier in the year, they acquired a 1.7 million square foot office portfolio in Westwood for $1.34 billion.
4. BEVERLY HILLS: Bijan store
420 N. Rodeo Dr., Beverly Hills, CA 90210
$122 MILLION
CoStar
Buyer: LVMH Moet Hennessy Louis Vuitton Inc.
Total space: 6,287 sq. ft.
Price per square foot: $19,405
Year completed: 1976
Date sold: 07/11/16
Category: Retail
The per square foot price paid for this Rodeo Drive property tops the previous record set in Q4 2015 by the Chanel store down the street. Now the Bijan store is the highest price paid for any property in Southern California, on a price per square foot basis.
5. LOS ANGELES: KABC-AM
3321 La Cienega Blvd., Los Angeles, CA 90016
$110.6 MILLION
Google Earth
Buyer: Carmel Partners
Total space: 45,000 sq. ft.
Price per square foot: $2,458
Year completed: 1992
Date sold: 09/02/16
Category: Industrial – Telecom Hotel / Data Hosting
Broadcasting company Cumulus Media sold this radio station property to Carmel Partners in September. The new owners plan to tear down the former KABC/KLOS radio studios and build a mixed-use project, with 1.2 million sq. ft. of multifamily, 200,000 sq. ft. of creative office and 100,000 sq. ft. of retail.
6. HOLLYWOOD: Rubix Hollywood
1714 N. McCadden Pl., Hollywood, CA 90028
$109 MILLION
CoStar
Buyer: New York Life Real Estate Investors
Total space: 253,136 sq. ft. (218 units)
Price per square foot: $430.60 (Price per unit: $500,000)
Year completed: 2010
Date sold: 09/09/16
Category: Multifamily
This was an all-cash deal by New York Life Real Estate Investors. The 218 unit multifamily property is in the center of Hollywood, located within walking distance to Hollywood & Highland, Dolby Theatre and TCL Chinese Theatre.
7. WESTLAKE VILLAGE: The Meadows at Westlake Village
603 Hampshire Rd., Westlake Village, CA 91361
$88.25 MILLION
CoStar
Buyer: Jones & Jones Management Group
Total space: 261,270 sq. ft. (253 units)
Price per square foot: $337.26 (Price per unit: $348,814)
Year completed: 1971
Date sold: 08/17/16
Category: Multifamily
The Meadows at Westlake Village is a 253 unit multifamily community composed of 13 buildings spread out on nearly 14 acres. Amenities include 2 swimming pools with spas; tennis, basketball, and volleyball courts; lounge and business center.
8. CHATSWORTH: Waterstone Apartments
9901 Lurline Ave., Chatsworth, CA 91311
$72.5 MILLION
Google Earth
Buyer: TIAA
Total space: 250,428 sq. ft. (348 units)
Price per square foot: $289.50 (Price per unit: $208,333)
Year completed: 1971, renovated 2000
Date sold: 09/19/16
Category: Multifamily
This apartment complex, situated on 6 acres, was sold to TIAA for $72.5 million. Waterstone Apartments feature a clubhouse, pool, spa, lighted tennis court, BBQ/picnic area & fitness center. It is located across the street from Chatsworth High School.
9. LOS ANGELES: Sepulveda Center
3415 S. Sepulveda Blvd., Los Angeles, CA 90034
$68.2 MILLION
Google Street View
Buyer: The Swig Company
Total space: 179,334 sq. ft.
Price per square foot: $380.30
Year completed: 1982
Date sold: 09/02/16
Category: Office, Class A
KBS Realty Advisors unloaded this property last month and sold it to the Swig Company, a San Francisco based investment firm. Selling it for over $68 million, KBS received a great return on investment – they purchased the 12 story building for $50.5 million in 2006.
10. SHERMAN OAKS: Tower at Sherman Oaks
14724 Ventura Blvd, Sherman Oaks, CA 91403
$56.7 MILLION
CoStar
Buyer: Sandstone Properties
Total space: 163,104 sq. ft.
Price per square foot: $347.63
Year completed: 1967, renovated 1991
Date sold: 09/16/16
Category: Office, Class A
New owner, Westwood based Sandstone Properties, intends to convert the Tower at Sherman Oaks into creative office space to lure technology & entertainment companies into leasing at their building. The 14-story building was built in 1967 and is near the 405 and 101 freeways, providing great visibility & excellent access to all points of Los Angeles.