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6/25/15
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Del Amo Financial Center, a 367k sf office complex in LA’s South Bay region, was purchased for $62.5 mil ($170/sf) by a joint venture of The Muller Company, an Irvine-based value-add real estate investment company, and GreenOak Real Estate, a real estate private equity investment firm, in an off-market transaction. It was sold by Jamison Properties.
The asset, located in the heart of the Torrance financial district, will undergo a complete rebranding and transformation as the newly-named, “Del Amo Crossing.” The Muller Company has already begun plans for its major remodel and property repositioning effort, which will transform the property into a mixed-use environment with first class office and world class medical space. It will also include a high-end retail component which will house a variety of retail amenities, initially planned to include a 42k sf health club and 10k sf restaurant.
Originally built in 1966 and remodeled in 1998, the eight-acre parcel located on the corner of Hawthorne Blvd and Carson St currently includes a 12-story and five-story office tower, four circular pavilions located in the front of the complex and abundant adjacent parking.
“The Del Amo Financial Center acquisition marks a rare opportunity to reinvent what was once one of the area’s most prestigious business complexes,” said Stephen Muller, principal at The Muller Company. “We plan to take advantage of this prime location – 15 minutes to the Los Angeles International Airport, five minutes to the 405 and across the street from the newly renovated Del Amo Fashion Center – and make the new Del Amo Crossing one of the main draws in the area.”
The first phase will include converting the five-story tower into a state-of-the-art medical facility, designed for large medical groups. The first phase will also modernize the mechanical, electrical and plumbing systems, as well as the common areas and lobby space of the 12-story tower. The current water feature that surrounds the complex will be re-designed as a tenant-amenity space that opens to the community.
In addition to the two towers, both of which have spectacular views of the South Bay, the new owners’ future plans for the project also include the possible re-positioning of the area facing Hawthorne Blvd to accommodate additional retail. Parking would also be re-designed and enhanced to improve access and circulation patterns throughout the entire project.
Chris Sinfield and Leslie Mayer of Cushman & Wakefield are the brokers for the property. Muller’s portfolio now totals more than 6 msf of space. The firm’s Torrance portfolio is now over 830k sf, and includes the Torrance Civic Plaza & Medical Center, Torrance Executive Plaza West and Mariner Court.
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