Office Properties throughout the Los Angeles Market Trade Hands
- Oct 12, 2014
Over the past couple of weeks, the Los Angeles area office market has seen a large number of transactions, with properties totaling nearly 300,000 square feet of space in the Pasadena, Conejo Valley and Burbank submarkets trading hands.
In Pasadena, an office building located at 234 E. Colorado Boulevard was acquired by 21st Century Techbanq Pasadena LLC which paid a fee of $36.4 million for the asset to Embarcadero Capital Partners. Madison Partners and Cassidy Turley represented the seller and buyer, respectively. The object of the transaction is a 123,100-square-foot historic office building with a lower-level retail component that was constructed back in 1923 and is currently listed on the National Register of Historic Places, according to rentv.com.
The Conejo Valley transaction involved two Westlake Village office buildings totaling 84,000 square feet of space. The two properties in question are the Westlake Village City Center and the North Ranch Office Building. Pacifica Real Estate Group acquired the former from Farmers New World Life Insurance Company, while North Ranch Office Building was purchased by Osborne Management LLC from North Ranch Properties. Both deals were arranged by representatives from CBRE.
Meanwhile, in Burbank, Chinese company Creative International Investments Inc. paid $22 million for the property at 250 E. Olive Avenue. The property currently totals 76,700 square feet of Class A office space. The 2005-built asset will now be used to offer space to Chinese companies that operate in the multi-media and entertainment industry that are looking to benefit from the high density of entertainment and creative companies located in the Burbank submarket.
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