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4/01/15
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Here’s news of two recent creative office building acquisitions from the LA area coastal communities of Playa Vista and Malibu. The properties contain a combined 72k sf of space and were purchased by Canyon Catalyst Fund and Pacshore Partners in separate deals totaling $36 mil.
Andrew Jennison, Travis Landrum and Jim Jacobsen of Industry Partners represented the buyers and the sellers in both sales transactions. The firm has also been engaged as leasing agents for the two properties.
PacShore Partners and Canyon Catalyst Fund purchased the two-story, 39.6k sf building in Playa Vista. Built in 1969, the property is located on a corner lot at 12901 Jefferson Blvd. The seller, Garbo Holdings LLC, which has occupied the building since 2012, is relocating to a new facility in the South Bay.
The building has been used as a film set by previous tenant Sony and most recently Hydraulix, a feature film visual effects company. After considering many serious bids for the property, Garbo Holdings selected the Pacshore-led joint venture, which is assembling a critical mass of creative office space in Playa Vista and Santa Monica. The building will undergo a significant core and shell renovation by the new owner in order to attract a first class creative tenant.
Playa Vista has become a lower Westside alternative for creative tenants looking for a stand alone 45k sf - to 50k sf building with 24 ft. ceilings, skylights, lots of glass line and mezzanine space. The vacancy rate for creative office space in Playa Vista dropped to 15.2 percent from 19.3 percent over the past year absorbing 273k sf in the process, according to Industry Partners’ Creative Office Market Report.
In the other transaction, the partnership purchased The Enclave, a 32.4k sf office complex located at 22619 Pacific Coast Highway above Carbon Beach, aka “Billionaire’s Beach,” in Malibu. The iconic building, designed by award-winning architect Clive Bridgewater, has been the home of toy company JAKKS Pacific, since its founding in 1995. The company, which outgrew the ocean view property, is relocating to Santa Monica.
The distinctive three-building office campus, which is characterized by its contemporary architecture with angular steel columns and exterior wood beams, offers 180-degree ocean views, large private balconies, operable windows and ample parking.
“Pacshore saw this as an opportunity to acquire a trophy building in Malibu where office vacancy is less than three percent and there is a tremendous barrier to entry,” said Jennison. “You cannot build a building like this ever again in Malibu. The Enclave is well known given its architectural appeal and orientation on the hillside. It has been leased to one tenant for the last 10 years, so we are excited to spearhead the leasing effort and engage high-end small-to-mid-size companies who want incredible ocean view space directly across the street from Nobu and 15 minutes from Santa Monica”
The new owners plan to market the property for either multi- or single-tenant use.
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