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September 23, 2017
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LaSalle Investment Management Acquires Three Creative Office Assets on LA’s Westside

1/26/17

LaSalle Investment Management purchased three creative office buildings in West Los Angeles from a venture between the Canyon Catalyst Fund, the CalPERS real estate emerging manager program managed by Canyon Partners Real Estate, and Pacshore Partners, the West Los Angeles-based real estate firm founded by Philip Orosco. The three buildings total 205k sf and are in Playa Vista and Malibu.

The Playa Vista properties are located at 5340 Alla Rd and 12901 Jefferson Blvd. These stabilized, fully renovated, creative office buildings are leased predominantly to advertising agencies and are located in one of Los Angeles’ hottest office submarkets.

The Malibu property, located at 2619 Pacific Coast Hwy, is a boutique 35k sf, Class A office building, prominently situated on a bluff overlooking Carbon Beach. It is also located across the street from Nobu Restaurant and the new Soho House-Malibu.

Sean Sullivan, Todd Tydlaska, and Michael Longo with CBRE Capital Markets Team represented the seller in the deal. CBRE’s Brad Zampa procured the financing for the buyer, which purchased the properties on behalf of a pension fund client.

“There is an abundance of capital from investors eager to invest in West LA, and this transaction is another example of Playa Vista’s emergence as a core West LA submarket,” said Sullivan. “Pacshore Partners has successfully converted the Playa buildings into two of LA’s best examples of modern, renovated office product that is in high demand. The location and views of the Malibu deal are spectacular, and the ongoing renovation and vacancy there was appealing to LaSalle.”

The Los Angeles area office market had a record fourth quarter, with net absorption totaling 2.1 msf, the second-strongest quarter ever dating back to 1998, according to the latest CBRE research. Thanks in part to continued optimism about the U.S. economy and a strong global investment appetite for commercial real estate in a low yield world, Greater Los Angeles office pricing and sales volumes hit new highs in 2016. The capital markets outlook for office properties in the Greater LA region will likely remain favorable in 2017.





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