LOS ANGELES-Atlantic Pearl Investments has acquired a 53,552-square-foot office building located at 1990 Westwood Blvd. for $12 million. Formerly owned by Jamison Services Inc., the Westside property has an 84% occupancy rate but, at $224 per-square-foot, presents an attractive value-add opportunity.
Madison Partners' Bob Safai and Matt Case represented the seller, who purchased the property in 2003 for $6.5 million, according to GlobeSt.com industry sources.
Value-add properties were one of the market themes noted by experts at Allen Matkins recent View From the Top conference, and since West Los Angeles has the highest rental rates of any other submarket—about $3.35 according to Voit's third quarter office market report—the submarket is an attractive for value-add investment. However, the same Voit report also shows the West Los Angeles submarket has an above-median vacancy rate, at 13.73%.
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Kelsi Maree Borland
