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9/04/18
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A 164.7k sf office building in Los Angeles’ upscale Westwood submarket sold in a recent $92.5 mil ($562/sf) transaction. The five-story building, located at 1640 Sepulveda Blvd, north of Santa Monica Blvd and just east of the 405 Fwy, was sold by a venture led by Ocean West Capital Partners. With their new partner, Ocean West Capital Partners will remain invested in the property and continue to manage the asset.
1640 Sepulveda was built in 1987 and underwent an $8.3 mil creative office repositioning and modernization program that was completed in 2018. The program included an exterior building and lobby renovation, a new open air common area patio, extension system upgrades, among other improvement. The asset is 77% occupied and features unique private patios/terraces, large floor plates, and abundant subterranean parking.
NKF Capital Markets Co-Head of US Capital Markets Kevin Shannon, Executive Managing Directors Rob Hannan and Ken White, Senior Managing Directors Michael Moll and Laura Stumm and Senior Associate Guillermo Boisson represented the seller in the deal.
“With the creative office transformation now complete, 1640 Sepulveda is one of the Westside’s most coveted mid-rise creative office properties that has attracted prominent entertainment, tech, and media related companies seeking a premier office environment,” said Shannon.
“West Los Angeles is one of the most highly desired office investment markets in the nation, and given the highly monopolistic profile of the submarket’s ownership, opportunities to acquire premier assets like 1640 Sepulveda are extremely rare,” added Hannan.
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