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May 18, 2024
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Office Building on L.A.’s Westside Trades in $45 Mil Deal


A joint venture between Harbor Associates LLC and F&F Capital Group has acquired a five-story, 164.7k sf Class A creative office building on Los Angeles’ westside for $44.7 mil ($271/sf). The building is located at 1640 Sepulveda Blvd, one block north of Santa Monica Boulevard at the gateway to Century City and Beverly Hills.

Built in 1987, the property was extensively renovated over the last decade with more than $11 mil in renovations that went to improve tenant spaces, create expansive North and West facing balconies, redesigned building lobby, and common areas, a 70-seat ground floor screening room and brand new elevator landings. It was 80% occupied at the time of closing.

“After several years of kicking the can down the road, we are now beginning to see distress hit the market,” said Harbor Principal Joon Choi. “While current market conditions and the work from home phenomenon has dealt a severe blow to the commercial office sector, there are still compelling opportunities to find the hidden gems at a deep discount to replacement. At our cost basis, we expect the property to perform very well for us in the Post Covid-era.”

“1640 Sepulveda is a well-appointed low-rise creative office asset that is in high demand in Southern California,” added Harbor Principal Paul Miszkowicz. “It also draws off the leasing velocity taking place in Century City, Los Angeles’ strongest office submarket. “Given those demand drivers, more than 80k sf of leases have been signed in the past three years”.

Kevin Shannon and Rob Hannan of Newmark advised the seller in the transaction. This is the joint venture’s second acquisition in the past two months. In November Harbor/F&F acquired a 102k sf industrial portfolio in the San Diego submarket of Carlsbad for $21 mil.

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