LOS ANGELES—The joint venture between Canyon Catalyst Fund and Pacshore Partners has purchased two value-add creative office buildings in Los Angeles, one in Playa Vista and the other in Malibu. The two properties total 72,017 square feet, and were purchased for $36 million. Both buildings were vacant at the time of purchase.

Located at 12901 Jefferson Blvd., the Playa Vista office property is 39,600 square feet and will be marketed to a single-tenant user. The property is near the joint venture's first purchase together, 5340 Alla Road, and was a strategic move to grow its portfolio in the area. “That market has already proven itself; creative office is there to stay,” Andrew Jennison of Industry Partners, who represented the buyer and seller in both transactions, along with Industry Partners' Travis Landrum and Jim Jacobsen, tells GlobeSt.com. “This particular opportunity is great because there is not available to users who want to have their own building.”

The joint venture plans to renovate the building so that it can compete in the creative office market. “They plan to grow the building by adding mezzanine space,” explains Jennison. “By adding square footage and because it is a stand alone building, it will be attractive in the marketplace because there is not really any of those available at the moment for lease at that size.” The property was previously occupied by Sony and Hydraulix, a visual film effects company. Industry Partners will handle the releasing of the property once renovations are complete.