West Los Angeles Office Market Catches Attention of Sunrise Real Estate Group
- May 09, 2014
A West LA office building was recently acquired for a reported price of approximately $39 million. The off-market transaction was completed by a partnership consisting of Sunrise Real Estate Group with Robhana Group and 4M Investment Group who picked up the property from seller TPMC Realty Corp. Newmark Grubb Knight Frank representative Al Barasani handled the buyer’s end of the deal, while the seller represented itself. IDB Bank provided financing for the deal. The office asset last traded hands in 2008.
Located at 12301 Wilshire Boulevard in West Los Angeles, just west of the 405 Fwy, the 107,000-square-foot class A office building recently went through a capital improvement campaign. Former owner TPMC invested around $5.5 million in the Gensler-designed process which included upgrading the building’s exterior façade, and the renovation of the common areas, restrooms and lobby, while the elevators received brand new cabs, rentv.com reports.
In terms of occupancy, three quarters of the building’s office space is currently under contract. The facility’s tenant roster includes names such as film company Open Road Films and Opus Bank as well as a number of medical offices. Management duties for the property will be carried out by SRG Management, a subsidiary of the new owner.
Buyer Sunrise Real Estate Group has made the West LA building its second acquisition here this year, marking clear interest in the local real estate market. rentv.com noted that the recent West LA acquisitions mark a shift in the company’s usual investment moves, in which the company mostly focused on the San Fernando Valley market.
Image courtesy of tpmcrealty.com