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11/30/12
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A six-story, 38.7k sf office building in West Los Angeles recently sold for $14.35 mil ($371/sf). The building, located at 8201 Beverly Blvd, between La Cienega Blvd and Fairfax Ave, is fully occupied by Aptium Oncology Inc, a subsidiary of AstraZeneca, a global, innovation-driven, integrated biopharmaceutical company.
Originally built in 1964 and then redeveloped in 1990 by Thom Mayne, one of the world's leading architects, the property won two American Institute of Architects awards in 1991. Mayne used pre-LEED design elements to reduce the heat load on the property with special glazing on the windows and a granite south-facing façade. Mayne also accentuated the views from the property, which have unimpeded Downtown Los Angeles, Century City and Hollywood Hills views with floor-to-ceiling glass windows and high ceilings. The property is well-located near the major cross street of La Jolla, near The Grove and the Beverly Center retail complexes and adjacent to Beverly Hills and West Hollywood.
Martin McDermott, Principal with Avison Young in the company’s West Los Angeles office, represented the seller, Aptium Oncology Inc. The buyer, Beverly Quest LLC, was repped by Steven Rayan of South Park Group.
“Los Angeles is in short supply of quality mid-sized office buildings suitable for today’s high-profile companies,” comments McDermott. “We achieved a price-per-square-foot above the local office market by emphasizing the strong design attributes, the quality of property condition, and abundance of parking. In fact, we find that an office property’s parking offering has become one of the top drivers of value and is one of the first areas an owner looks to invest capital to improve.”
According to McDermott, the property received multiple offers within weeks of hitting the market and was in escrow within a month of the offering. The property received a high per-square-foot (psf) sales comparison for the area and product type, which tends to be in the $275- to $325-psf range.
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