Emmett acquired the eight-story Cornerstone Plaza from LaSalle Investment Management in a transaction that was brokered by Eastdil Secured, which was also one of the brokers when the seller bought the building last year for $66 million. A GlobeSt.com report at the time listed the buyer as South Bundy Office Co. LLC.
The Cornerstone Plaza property, at the corner of South Bundy Drive and La Grange Avenue, gives Emmett another asset in one of its targeted submarkets, Kaplan notes. He says that the 15.8% vacancy in the building "gives us additional available space to satisfy the strong tenant demand" within the Olympic Corridor, which is one of the strongest submarkets in Los Angeles.
The Olympic Corridor submarket is a stretch of Olympic Boulevard between Santa Monica and Century City. The South Bundy Drive and La Grange Avenue location of the Cornerstone Plaza building is just north of the intersection of Bundy Drive and Olympic Boulevard.
The Cornerstone property is one of the most distinctive along the corridor, featuring a stepped design that results in exterior terraces on every floor. Emmett's acquisition of the building follows its purchase earlier this year of the 49,855-sf 1801 Century Park West office building in Century City for $32 million in another off-market transaction.
Emmett is one of the dominant landlords in the West Los Angeles markets, where average asking rates climbed by 9% in the third quarter, according to market reports, which show asking rates in the $4 per sf per month range for class space. Vacancy stood at about 6.6% and availability at 7.7% in West Los Angeles offices in the third quarter, with the availability down slightly from the previous quarter.
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