Investors Acquire Nearly 242,000 SF of Office

SANTA MONICA-Greenstreet/Niosi Capital Partners LLC has purchased the three-story, 43,751-sf 2601 Ocean Park Blvd. office building from a private investor, and TIAA-CREF has acquired three buildings in Westlake Village totaling 198,000 sf from L.A.-based Investment Development Services. Greenstreet/Niosi Capital Partners paid $8.3 million for its new asset, which it bought in a partnership with The PRES Cos. The new owners plan a cosmetic renovation program coupled with “a more aggressive leasing strategy” for vacant and expiring space, according to their announcement of the deal. The transaction marks the second equity investment between the PRES Cos. and GNCP. In April 2002, the two partners acquired a property in Beverly Hills, later boosting occupancy by 13% and refinancing the debt.In the Westlake Village transaction, TIAA-CREF, the East Coast-based retirement system, purchased its new assets at the 18-acre Westlake North Business Park, a three-building office campus developed by Investment Development Services. David Saeta, a principal of IDS, says the two buildings that TIAA-CREF bought occupy 11 acres of land at 30699 and 30721 Russell Ranch Rd. The buildings are more than 91% leased. Saeta, along with Kevin Shannon, Jim Lindvall and Tom Festa of Grubb & Ellis, represented both TIAA-CREF and IDS. IDS, which will continue managing the buildings, originally acquired the 18 acres for the entire Westlake North Business Park in 1999. The company subsequently developed, leased and managed a project that was earmarked for companies with large office space needs. The office buildings feature floor plates ranging from 31,789 sf to 67,170 sf. The office park is near the Lindero Canyon Road ramps of the Ventura (101) Freeway.