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The Real Deal Los Angeles

Lexington Realty Trust sells Playboy Plus building for $19.2M: sources

The Media Tech Center is one of 30 properties the REIT plans to sell this year

November 30, 2016 03:30PM
By Cathaleen Chen

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2706 Media Center Drive and Lexington CEO T. Wilson Elgin (Credit: LoopNet, Lexington and Playboy Plus Facebook)

2706 Media Center Drive and Lexington CEO T. Wilson Elgin (Credit: LoopNet, Lexington and Playboy Plus Facebook)

Lexington Realty Trust, a New York-based real estate investment firm, has sold its Glendale-adjacent office building at 2706 Media Center Drive for about $19.2 million, or $231 per square foot, sources said.

The seller, as listed on the deed, is LIZ, a California general partnership.

Located just south of Glendale, at the edge of Glassell Park near the Super King, the 83,252-square-foot building was built in 2000 as the fifth of a seven-building campus called the Media Tech Center. Bank of America and Sony are two of its biggest tenants, according to a source with knowledge of the deal. Playboy Plus, a digital streaming service for adult videos, takes 2,850 square feet at the building, which is fully occupied, according to CoStar.

The property was listed as early as 2012 by CBRE, marketing materials show. The brokerage declined to comment.

Lexington acquired the building for $17.9 million in 2004, according to property records.

The REIT, which recently sold the land beneath three Manhattan hotels to L.A. commercial real estate firm BH Properties in a $300 million-plus deal, boasts a multibillion-dollar portfolio across the U.S.

Lexington CEO T. Wilson Eglin said on a February earnings call that the REIT wants to sell up to 30 properties this year in order to make $700 million in proceeds, The Real Deal reported.

Lexington could not be reached for comment.

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