Ocean West is shopping Westwood Terrace for as much as $105M

150,500 sf tower expected to fetch $700 psf

TRD LOS ANGELES /
Apr.April 14, 2016 02:15 PM

Ocean West Capital Partners is looking to sell the Westwood office building at 1640 South Sepulveda Boulevard for almost double what it paid, The Real Deal has exclusively learned.

Kevin Shannon is leading a team of NGKF brokers advising Ocean West and partner Westbrook Partners in the sale of the building. The brokers declined to comment on the asking price, but area sources said the property, which hit the market earlier this month, could fetch up to $105 million, or $700 a square foot.

That rate wouldn’t be the highest in the submarket. Earlier this year, in what was one of L.A.’s biggest office acquisitions, Santa Monica-based REIT Douglas Emmett and partner Qatar Investment Authority purchased four Westwood office buildings for $1.34 million, or $777 a square foot.

The joint venture between Ocean West and Westbrook bought the building on Sepulveda, dubbed Westwood Terrace, in 2013 for $54 million. It paid $359 a square foot to mega-landlord Jamison Services. The partners renovated the site with a creative office lean, bringing rents from $3 to $4.50  a square foot a month on average.

The property, which was 67 percent leased at the time of sale, is now 82 percent leased.

“(The sellers) completed the repositioning, but there is still some leasing to do,” Shannon said, adding that the property, which has balconies on every floor, is different than the vertical traditional offices which dominate Westwood. “It’s West L.A. I think that’s always a great place for capital.”

Current tenants at the property include Think Factory Media and Ten by Ten Entertainment, according to CoStar.


Related Articles

arrow_forward_ios
Jamison’s Jamie Lee and 3020 W. Wilshire Boulevard (Credit: Google Maps)

Jamison plans 262-unit complex

Jamison plans 262-unit complex
A Brentwood fire came at Douglas Emmett owned building

Brentwood high-rise fire comes after owner sued for negligence

Brentwood high-rise fire comes after owner sued for negligence
From left, clockwise: Daydream Apartments’ Griffin and Grace on Spring, Douglas Emmett’s The Glendon at Westwood and Carlyle Group’s Sofia Los Angeles

Here are LA’s 5 biggest multifamily sales of 2019

Here are LA’s 5 biggest multifamily sales of 2019
Kodo in Koreatown

Just built, just sold: CGI Strategies finds buyer for new Koreatown rental complex

Just built, just sold: CGI Strategies finds buyer for new Koreatown rental complex
Jamie Lee of Jamison and the property

Multifamily developer Jamison expanding in West LA with development site purchase

Multifamily developer Jamison expanding in West LA with development site purchase
Jamison Services' Jamie Lee

Jamison signs post-production firm to long-term lease at Studio City office

Jamison signs post-production firm to long-term lease at Studio City office
777 Aviation Boulevard, and from left: Ocean West Capital Partners Principal & co-founder Russ Allegrette and Lionstone co-founders Glenn Lowenstein and Dan Dubrowski

In booming El Segundo, Ocean West and Lionstone team up on office campus

In booming El Segundo, Ocean West and Lionstone team up on office campus
From left: Comerica Bank CEO Curtis Farmer, Jamie Lee and 2842 West James Wood Boulevard (Credit: LinkedIn and Google Maps)

Jamison nabs construction loan on another big resi project

Jamison nabs construction loan on another big resi project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...