|
|
6/19/17
|
Harbor Associates LLC, in a joint venture with Stockbridge Capital Group, has acquired a 33k sf building in Century City formerly used as the LA Rams HQ facility through a distressed liquidation sale that closed in 25 days. The property, located at 10281 W. Pico Blvd, was sold by a local entertainment company that will lease back the building for the next six months.
Harbor is planning to reposition the asset, which was built in 1981 as the headquarters for the Los Angeles Rams, through a comprehensive renovation program that will include a redesign of the building exterior and entry, upgraded lobbies and restrooms, and new indoor and outdoor amenity spaces. As part of the repositioning, the project will be renamed ‘Bespoke Century City. ’
“This Bespoke building will be customizable and offer a high level of finishes with indoor and outdoor amenities in a submarket occupied by some of the world’s most innovative and premier companies,” said Harbor Principal Joon Choi. “We will also provide tenant-specific amenities and signage rights for a user wanting to lease the entire building. This will provide a tremendous branding opportunity for a user who wants to take advantage of the building’s central location along heavily travelled Pico Blvd, close to 20th Century Fox movie & television studios and the premium Century City amenity base.”
Approximately 30-40% of the tenant base in the area work in entertainment, media, and content production industries and prefer differentiated low-rise creative office buildings, according to attorney Andrew Kirsh, head of the real estate practice at Sklar Kirsh who represented the buyer in the transaction.
“Since the Century City submarket is dominated by traditional high-rise office product, our client was able to acquire a building that is well positioned to take advantage of the tremendous supply and demand imbalance for low-rise creative office space,” said Kirsh. “This office building also benefits from its location in the heart of West Los Angeles, less than a 9-iron away from Fox Studios and Rancho Park Golf Course.”
Kevin Shannon and Rob Hannan with NGKF represented the buyer and seller in the transaction. Bespoke Century City represents Harbor’s seventh value-add office acquisition in the last two years in Southern California and expands their Los Angeles area portfolio to nearly 200k sf.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
