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The Real Deal Los Angeles

Onni Group buys Westside office property for $41M

Tenants of the complex include Viacom, Warner Music
By Gabrielle Paluch | January 19, 2017 12:00PM

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.