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4/05/22
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Parkview Financial has acquired a three-story, 24.3k sf multi-tenant office building in the Brentwood neighborhood of West Los Angeles for $19 mil ($782/sf). Parkview intends to occupy the entire second floor of the building, located at 11440 San Vicente Blvd, as its headquarters.
Parkview is now underway on executing a $2 mil renovation of the asset’s common areas, as well as building out the entire 8k sf second floor to host its new headquarters with plans for move-in by late 2022.
Currently occupying 3k sf at 11601 Wilshire Blvd – which is adjacent to its new property – Parkview has been in desperate need of additional space as the firm has doubled its team over the past 24 months. The company is a direct private lender specializing in ground up commercial and residential real estate financing
“We have grown out of our current space and are thrilled to acquire this quality asset for use as our new Los Angeles headquarters. It will also elevate our brand and visibility in this market,” said Paul Rahimian, CEO and Founder of Parkview Financial. “Additionally, this location enables us to nearly triple our footprint as we are looking to expand from 15 to 25 employees in the Los Angeles office over the next 18 months.”
Rahimian noted that Parkview plans to invest approximately $6 mil of capital expenditures to modernize the entire exterior façade. The project is scheduled to be completed in 2024. Immediately after the acquisition, Parkview painted the building to feature a more attractive white and blue color scheme.
Parkview Financial opened its first New York City office earlier this year. In 2021, the lender had a record-setting year, executing more than $1.2 bil in loan originations, doubling its previous record in 2020; launched its first East Coast office in Atlanta; and increased its employee roster by a whopping 50% over the size of its 2020 team.
Built in 1972, 11440 San Vicente Boulevard features various floorplate layouts with excellent walkability to the amenities on San Vicente, including restaurants and retail stores. The property also has 49 parking spaces and overlooks the Veterans’ Park on Wilshire Boulevard. Westwood Financial, who was the seller, owned the property since 1989 and is now occupying the first floor.
Tom Sexton and Michael Arnold of NAI Capital represented Parkview Financial. Daniel Rainer, Matt McRoskey and Andrew Harper of JLL represented the seller.
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