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5/29/24
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La Salle Investment Management collected $75 mil from the sale of two office properties in Playa Vista. The assets were acquired by two different buyers in separate deals.
The Annex, 5340 Alla Road, Playa Vista |
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One of the properties, The Annex, a 131.9k sf low-rise creative office campus at 5340 Alla Rd, sold for $50.3 mil ($381/sf). The other property, at 12901 W Jefferson Blvd, is a 48.4k sf, highly creative single-tenant office building that fetched just under $25 mil.
Located in the heart of Playa Vista’s “Agency Alley,” The Annex offers creative tenants an inspired campus experience. The fully renovated property accommodates a variety of creative uses, offering editing bays, sound stage production space, exclusive patios and private entrances. Situated on an oversized 5.14-acre lot, the property also includes the opportunity to add density via the development of an additional 160k sf. The low-rise creative campus boasts high-volume, open workspaces, with private entrances and patios that allow tenants more spatial control.
12901 W Jefferson Blvd is 100% leased to media giant IPG as the headquarters for two of its major media companies – Deutsch LA and Steelhead. Completely redesigned by HLW in 2017, the property provides IPG with mission critical studio, collaboration, editing and office spaces.
With Hollywood’s creative legacy as its backdrop and the ingenuity of Silicon Beach at its core, Deutsch LA supports blue-chip brands with an integrated approach that includes an in-house production studio. Steelhead is the largest agency-owned studio facility in the country and is designed for modern content creation featuring editorial suites, fully equipped audio bays, and an integrated sound stage, all interconnected to create one of LA’s most unique and efficient studios.
The properties benefit from an excellent location that offers easy access to the I-405, I-10, and Marina (SR 90) Freeways, the LAX Airport, as well as an abundance of amenities and the Westside’s executive housing. Playa Vista has emerged as an epicenter for technology and media growth in Los Angeles and is defined by the rapid expansion of some of the most dynamic tenants in entertainment, technology, media and content creation.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented La Salle Investment Management in both transactions. The buyer of The Annex, the Westside Neighborhood School, was repped by David Kimball and Sam Devorris of NAI Capital. The buyer of 12901 W Jefferson Blvd was a venture between Pacshore Partners and A2 Capital Management.
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