Westside Office Building Sells For $32.5M


Vectra CEO Raju Shah and 640 North Sepulveda Boulevard (Vectra, LoopNet)

A New York investor has sold a creative office building in Bel-Air for $32.5 million.

Vectra Management Group, with an office in Santa Monica, sold the two-story building at 640 N. Sepulveda Blvd. to an undisclosed buyer, the Los Angeles Business Journal reported. The price of the 45,600-square-foot property came to about $712 per square foot.

Brokers Sean Fulp, Ryan Plummer and Mark Schuessler of Newmark Group represented the seller in the deal, while Newmark’s David Kluth and Aliya Coher represented the buyer.

The gray office building lined with palms, built in 1987, underwent a $3 million renovation in 2019. It was 27 percent occupied at the time of the sale, which offered a new owner the chance to put “its own signature on the building,” Plummer said in a statement.

The 0.77-acre, Class A property has roughly 12,000 square feet of outdoor work and recreation space, including a basketball court, pet area and water features. It also has a car charging station and parking spaces for 182 vehicles.

The Westside office market is priced higher than the average for Los Angeles County.

During the first quarter, the average asking rent for Class A office space on the Westside was $5.61 a square foot, compared with the county average of $4.12 a square foot, according to Jones Lang LaSalle.

At the same time, the Westside office market had an office vacancy rate of 19.2 percent, just below the county average of 20.8 percent.

The Westside market had 2.1 million square feet of office space under construction during the quarter as developers continue to build in the high-priced market, according to JLL.

[Los Angeles Business Journal] – Dana Bartholomew



Source link

Leave a Comment

x
website average bounce rate