LOS ANGELES-A nine-story office building at 11175 Santa Monica Blvd. that houses the new offices of Variety and parent company Penske Media has been sold for $20,750,000. The deal was financed, but terms were not disclosed.
Madison Partners' Lynwood Fields and Brad Feld brokered the deal for the 75,858-square-foot building, representing the seller, NTE Santa Monica LLC. The buyer was Sandstone Properties.
Bob Safai and Matt Case of Madison Partners arranged the buyer financing. The building was to be purchased by Sandstone nearly vacant. However, during the marketing Variety/Penske Media executed a lease for four floors, raising occupancy to 75%.
“The tremendous identity and visibility of this west Los Angeles boutique building along the 405 freeway cannot be duplicated due to Proposition U's height restriction and lack of available land for new construction,” said a statement from Madison's Brad Feld.
Madison claims to have received 24 bids for the property during its marketing.
As reported earlier by GlobeSt.com, Madison Partners sold two west side office buildings for $34 million at the beginning of April.
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