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Office Building in LA’s South Bay Fetches $68 Mil

5/04/15

Stream Realty Acquisition LLC has acquired a 291.7k sf office property in LA’s South Bay market for $68.5 mil ($235/sf). The building, Pacific Center, is located at 21250 Hawthorne Blvd, just south of Torrance Blvd.

The property was sold by Bixby Land Company, who transformed the asset into a contemporary work environment after acquiring the building from TA Associates for $52 mil in July 2012. At the time Bixby purchased the eight-story building, known then as South Bay Tower, it was just 63% occupied and in need of refurbishment in order to attract new tenants.

Bixby renovated the building in order to bolster occupancy and meet the workplace requirements of today’s tenants, a development strategy the Irvine-based developer has successfully employed throughout the state. The company performed significant exterior upgrades to the building elevations and entry points, added eco-friendly landscaping and made major interior improvements to the tenant spaces, common areas and restrooms.

In designing the main entry to the building from the five-story parking garage, Bixby developed its signature Bixby Retreat™, an outdoor gathering area where tenants can meet or relax. The LEED-certified and Energy Star-rated building was rebranded Pacific Center and was actively marketed as the new preferred address for business in the South Bay.

Bixby signed approximately 55k sf of new leases following the renovation, including major leases to All Nippon Airways and Living Social. Morgan Stanley, Bank of America and Wells Fargo Insurance are also prominent tenants in the building, which is now 80% leased.

Bixby Land Company was represented by Kevin Shannon of CBRE in the transaction, while Stream Realty Acquisition represented itself.





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