Search
 

Westside Offices Sell for $50 Million

LOS ANGELES-Deal for Culver City property, purchased for only $28 million in '97, reflects the submarket's fast-rising values.

By David M. Kinchen | Updated on August 22, 2000

LOS ANGELES-In a transaction that dramatically illustrates the escalation of Westside commercial property values, Newport Beach-based Crown Realty & Development has paid nearly $50 million for the 330,000-sf, four-building Wateridge Park office development on Goldleaf Circle, near Slauson Avenue and La Cienega Boulevard in the suburb of Culver City.

The Westside office of Colliers Seeley represented Crown and the sellers, Legacy Partners Commercial, Irvine, and a real estate fund managed by Goldman Sachs & Co. The owners had paid $28 million in 1997 for the 21-acre business campus, which is 98% occupied.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.