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September 26, 2020
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Office Tower Near LAX Sells for $45 Mil


A 306.2k sf office tower along Century Blvd in L.A.’s LAX corridor was acquired for $45 mil by a partnership led by North Sea Capital. The 15-story building, located 5901 Century Blvd, was 92% leased at the time of sale. It was sold by an affiliate of San Francisco-based real estate investment firm The Roxborough Group LLC, in partnership with The Ruth Group LLC, a Los Angeles-based investment and management firm.

Along with recent building systems upgrades, 5901 Century has been heavily rebranded and features a newly renovated lobby and common areas, an executive clubhouse, dog park, and a bicycle-sharing program. In addition, the property benefits from its proximity to LAX and to numerous affluent coastal neighborhoods as well as excellent access to the 105 and 405 freeways.

Century Boulevard has recently undergone a dramatic transformation as several competitive office buildings in the area have been converted into hotels which has reduced the office supply and improved the amenity base. In addition, an extension of the Metro Green Line at the intersection of Century and Aviation is a short walk from the property. The completion of this station was the first amongst many new public infrastructure projects in and around LAX, including a new rental car facility, an automated people mover connecting the airport with the metro line, and a second green line station at 96th and Aviation.

NKF’s Co-Head of U.S. Capital Markets Kevin Shannon, Senior Managing Director Michael Moore, and Executive Managing Directors Ken White and Sean Fulp represented the seller. The buyer was self-represented. NKF’s David Milestone and Brett Green represented the buyer in securing a $39.71 mil loan for acquisition financing.

“5901 Century is located in a unique coastal location experiencing dramatic changes, yet remains an affordable option for tenants priced out of Playa Vista, El Segundo, and other Westside “Silicon Beach” submarkets,” said Managing Director of The Roxborough Group, Matt McCormick.

“The seller acquired the asset in early 2017 and invested in excess of $8 mil to renovate and reposition the property. The seller completed more than 220k sf of new leases, expansions and renewals during that short timeframe at rents up to and exceeding $3.00 FSG, which are historic highs and demonstrates amazing leasing velocity for this submarket,” said Shannon. “The recent significant value creation, as well as the future lease-up of the remaining vacancy, resulted in this offering being very well received by the marketplace.”

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