Hamid Soroudi of Charles Dunn Co., who represented both the buyer and the seller, tells GlobeSt.com that the new owner is remodeling the property and foresees upside potential by boosting the occupancy of the building, which was 32% empty at the time of the sale.
The office building is a four-story, steel frame structure that was built in 1985.
Despite a slow time in the economy and a corresponding slump in the office market, Soroudi says, the property sold for very near its asking price.
Westwood is an office market approaching 3 million sf, where the vacancy rate was more than 21% at the end of the second quarter, up from approximately 14% the year before. It is one of about nine to a dozen submarkets that are considered part of the overall Westside L.A. office market. The overall Westside market comprises between 40 million and 50 million sf of space, with a vacancy rate of almost 16%.
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