Onni Group buys Westside office property for $41M

Tenants of the complex include Viacom, Warner Music

Jan.January 19, 2017 12:00 PM
Atria West

Onni Group, a Vancouver-based real estate investment firm, has bought Atria West, a 179,000-square-foot office property in West L.A., for $40.7 million, according to sources close to the deal.

The price for the multi-building campus, located at 10585 and 10635 Santa Monica Boulevard near the Westfield Century City shopping complex, pencils out to roughly $230 per square foot.

The campus comprises two modern low-rise office buildings with underground parking, as well as a group of Tudor-style cottages built around a courtyard. The 1930s-era cottages, which have working fireplaces, serve as senior media executive offices.

Major tenants of the complex include Viacom, Sony’s music publishing company Sony/ATV, investment banking firm SL Hare Capital, the CESD Talent Agency, and the Motion Picture Corporation of America, according to information from CoStar and Real Capital Analytics.

Some of those tenants leases are slated to expire this year this year, including those of Viacom, BET Networks, and Warner/Chappell Production Music. Viacom is slated to relocate to Kilroy Realty’s Columbia Square project in Hollywood, while Warner recently inked a deal to move to Shorenstein Properties’ Ford Factory building in the Arts District.

The seller, a partnership between LaSalle Investment Management and Alaska Permanent Fund Corporation, acquired the building as part of a larger portfolio purchase in 2008, records show.

The acquisition is one of many commercial purchases Onni has recently made in L.A., where it already owns four office buildings Downtown and one in Manhattan Beach.

Holliday Fenoglio Fowler’s Andrew Harper represented the seller alongside L.A. Realty Partners. He could not be reached for comment.

CBRE brokers Brad Chelf, Michael Nieman, Taylor Watson, and Jerome Fried are the leasing brokers on the building.

Related Articles

Aerial view of 611 N. Brand Boulevard and Rossano de Cottiis (Credit: Hunter Kerhart Architectural Photography)

Onni scraps apartment plans for 857-key hotel project in Glendale

WeWork’s Adam Neumann and Onni Group President Rossano de Cotiis with a rendering of Wilshire Courtyard (Credit: Getty Images and Michael Maltzan Architecture)

Onni inks lease with WeWork after closing on massive Wilshire Courtyard purchase

Onni Group President Rossano de Cotiis, Decron Properties President & CEO David Nagel and Ocean Plaza

Decron is unloading CRE assets ahead of potential statewide property tax hike

Natixis CEO Francois Riahi, Onni Group President Rossano DeCotiis , and Wilshire Courtyard (Credit: BPCE and Michael Maltzan Architecture)

Onni Group lands massive acquisition loan for Wilshire Courtyard purchase

Onni Group's Rossano De Cotiis and a rendering of 1000 S. Hill Street

Onni Group’s 700-unit DTLA tower project gets green light

Onni Group has become one of LA’s biggest developers. Has it moved too far too fast?

Onni donated $50K to Jose Huizar-tied group before vote on Times Mirror Square

Onni Group to buy Wilshire Courtyard for $630M: sources