Vantage Buys 199,000-SF Office Project for $33M

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.