PLAYA VISTA, CA-Vantage Property Investors of Manhattan Beach has acquired the two-building, 199,089-square-foot Playa Jefferson office project at 12755–12777 W. Jefferson Blvd. from San Francisco's Embarcadero Capital Partners in a deal negotiated by CBRE Capital Markets. The campus sold for well below replacement cost, according to the CBRE Capital Markets experts who negotiated the sale on behalf of Embarcadero Capital.

The property, formerly known as the Citicorp Campus and the place where the ATM machine was invented, is characterized as a “hard-to-find repositioning opportunity in the highly desirable West Los Angeles market area," according to CBRE vice chairman Kevin Shannon, who represented the seller along with Scott Schumacher and Ken White. This CBRE Capital Markets team was assisted by the existing leasing team of Steve Solomon of Jones Lang LaSalle and Michael Preiss of The Klabin Co.

Shannon commented that the property "provides a tremendous opportunity for the buyer to enter the supply-constrained West Los Angeles market at a significant discount to replacement cost, at a time when there is strong demand in Playa Vista from major media, technology and creative office users.” In addition, Shannon noted that Playa Jefferson will directly benefit from the ongoing maturation of the Playa Vista master-planned community, which includes a planned 200,000-square-foot mixed-use, retail development that will be located directly across the street.