LOS ANGELES-Madison Partners has sold 10351 Santa Monica Blvd. to Sun Life Assurance Co. for $39.5 million. The asset is a 100,967-square-foot class A building built in 1984.
The sales price is higher from its previous trading price. Back in 2008, the building changed hands for $35 million when a joint venture of Beverly Hills-based Cambra Realty and Angelo Gordon & Co. purchased the property from Arden Realty, as GlobeSt.com reported.
Since the Cambra and Angelo Gordon JV purchased the property in 2008, they upgraded or replaced all of the building systems, remodeled the lobby and parking areas and filled the ground floor retail vacancy with the newly opened SmithHouse restaurant. According to a prepared statement, “the building is unique in that it has operable windows, creative office build-outs and is located across the street from a famed Westfield shopping center—which provides tenants with an unsurpassed amenity base.”
Tenants include 20th Century Fox Studios, BBC, Unicef and Morgan Creek Productions, to name a few. Upon sale of the project, it was 97.4% occupied. Bob Safai and Matt Case of Madison Partners represented the JV seller in the transaction. As for reasons for selling, in addition to the seller “filling the vacancy” and making upgrades to the building, the firm simply points out that “it was time for the fund to sell the asset.”
According to recent Q4 office stat report for L.A. from Cushman & Wakefield, the County’s overall vacancy inched up to 18.8% by year end, but dropped from mid-year 2011’s vacancy of 19.1%. Leasing activity is up 36.5% to 14.2 million square feet leased for the year, according to the report. Two consecutive quarters of positive absorption in the suburban market are promising for a turnaround. Year-to-date overall absorption totaled just negative 507,850 square feet, says the report.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
