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7/14/16
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A joint venture of Archway Holdings and 3D Investments has acquired a 79k sf, Class A office building in West Los Angeles from Kennedy Wilson for $36 mil ($455/sf). The high-profile building is strategically located at 10390 Santa Monica Blvd, on the southeast corner of Santa Monica and Beverly Glen Boulevards, at the Western Gateway to Century City.
The four-story trophy building is currently 84% occupied to a mix of entertainment, diplomatic, and medical tenants, including Alcon Entertainment, Baby First TV, The Playground, The French Consulate, Alliance Francaise de Los Angeles as well as physicians and ophthalmologists. Asking rents for office and medical space at the property compare favorably to Century City and Beverly Hills markets.
Archway and 3D, both privately held real estate investment groups based in Beverly Hills, currently own a sizable portfolio of office buildings throughout Southern California primarily in Beverly Hills, Hollywood, Santa Monica and other markets. The partnership is planning additional capital upgrades to the building, which will complement a multimillion-dollar capital improvement program recently completed by the seller that included common area, restroom, and elevator upgrades as well as new building graphics.
Adam Emrani and Steven Yazdani of Lucent Capital along with Gary Weiss and Tony Price of L.A. Realty Partners represented Archway Holdings and 3D Investments in the transaction. L.A. Realty Partners also represented the seller.
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