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12/01/21
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A 36.3k sf, vacant office building in Century City has sold for $20.2 mil ($555/sf). The buyer was a partnership between Amstar, a privately-owned real estate investment management company, and Harbor Associates.
Built in 1981, the property is located at 10281 West Pico Blvd, on the northwestern corner of Fox Hills Drive and West Pico Blvd. The four-story building, which includes a three-level secured parking garage, recently underwent a transformative repositioning featuring a fully redesigned exterior, complete with a new façade and glazing system as well as thoroughly upgraded building systems.
Located a short distance off the 405 Fwy, the asset is within walking distance of the recently redeveloped Westfield Century City shopping center as well as two 18-hole golf courses (Rancho Park Golf Courses & Hillcrest Country Club).
Newmark Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Directors Ken White and Rob Hannan, Senior Managing Director Laura Stumm and Senior Associate Alex Beaton, along with Newmark Private Capital Group’s Executive Managing Director Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler, brokered the sale. Acquisition financing was arranged by Newmark’s David Milestone, Brett Green and Henry Cassiday.
“Located immediately adjacent to Fox Studios and just east of Google’s new campus, 10281 Pico has an ideal Westside location,” said Hannan. “The property provides a desirable alternative to Century City’s vertical inventory and allows a tenant, or tenants, with superb signage visibility and a customizable tenant experience.”
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