Los Angeles County’s five largest office sales of February totaled about $432 million, and included a 21-story tower and 13-acre office and industrial park.
Lincoln Property Company was responsible for the two largest deals, shedding a pair of major properties for a total of $325 million and 650,000 square feet of office space.
Numbers were compiled from property records by Real Capital Analytics and PropertyShark.
1. Wedbush Center — Cerberus | $196 million
Cerberus purchased the Wedbush Center on Wilshire Boulevard from Lincoln Property. Cerberus paid roughly $414 per square foot for the 21-story tower, with the help of a $128.4 million loan from Goldman Sachs. The 473,000-square-foot tower was built in 1987 but recently renovated.
2. Connexion Campus — Intercontinental Real Estate | $123.5 million
Lincoln Property’s other sale of February was of the three-building Connexion campus to Intercontinental, an equity fund based out of Boston. The Burbank complex includes a 10-story building and two six-story buildings between North 3rd Street and North Glenoaks Boulevard. They total around 319,500 square feet and also recently got a renovation.
3. Peck Center — Morgan Stanley Private Wealth Management | $51 million
The Charles Dunn Company offloaded this 13-acre, 300,000-square-foot office and industrial complex in the City of Industry for around $170 per square foot. The L.A.-based equity fund paid just $3.2 million way back in 2001 for the property. The three-building complex includes 29 individual spaces, ranging from 3,000 square feet to 34,000 square feet.
4. Commons at Valencia Gateway — Harbor Associates, Goldman Sachs, and Bascom Group | $33.1 million
Long Beach-based Harbor Associates partnered with Irvine’s Bascom Group and Goldman Sachs Asset management to buy the two-building suburban office site from Barings, an investment management firm owned by the Massachusetts Mutual Life Insurance Company. The two buildings comprise around 155,000 square feet and the sale pencils out to around $214 per square foot. At the same time, Harbor partnered with Blue Vista Capital Management to buy the nearly 200,000-square-foot Conejo Corporate Campus in Thousand Oaks for $22.9 million. Harbor has plans to renovate both properties.
5. Brand Boulevard and Doran Street Properties — Onni Group | $28.5 million
Onni Group, through an LLC, picked up this neighboring pair of properties that consist of a mid-rise office building and a parking lot. The seller was Blackstone. The office building at 535 North Brand Boulevard is 11 floors and 109,000 square feet and the parking structure is 47,000 square feet. Onni Group also owns two other mid-rise office buildings in Glendale, both on North Brand Boulevard.