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6/27/14
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An investment entity led by Archway Holdings Corp closed on the purchase of a 24.8k sf office property in West Los Angeles. The building, located at 11801 Mississippi Ave, north of Olympic Blvd and west of the 405 Fwy, was sold by AIG.
The building was constructed in 1954 and totally renovated in 2007. The area surrounding the property is becoming one of Los Angeles’s new tech hubs in the wake of developments such as Element LA’s creative campus and the Tribeca West media campus.
John Ghiselli, a senior associate in Marcus & Millichap’s West Los Angeles office, represented the buyer in the deal. The price was not disclosed.
“Our marketing campaign produced offers from people throughout the investment community and resulted in an all-cash sale with a one-day escrow,” says Ghiselli. “This acquisition is part of Archway’s continued interest in Southern California’s more creative office properties.
Previously, the company and its affiliated entities purchased 820 Broadway in Santa Monica, an office property previously leased by Google and Coda and now leased by Dogvacay and a division of WPP, one of the world’s largest advertising companies.”
“The Los Angeles office market is well positioned,” stated Hessam Nadji, Marcus & Millichap’s chief strategy officer. “It has benefited from steady employment gains, but the very limited office development pipeline will be instrumental in tightening vacancies in the coming year, particularly as the local economy builds momentum.”
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