LaSalle pays $84M for Marina Park office complex

The seller was AllianceBernstein

Jun.June 21, 2018 01:30 PM
Lasalle CEO Jason Kern with Marina Park

UPDATED, Thursday, June 21, 2018, 4:05 p.m.: LaSalle, the investment management arm of commercial brokerage JLL, has paid $83.8 million to acquire a sprawling office campus in Marina del Rey, The Real Deal has learned.

The seller was a joint venture between SteelWave and AllianceBernstein, which acquired the Marina Park Business Center as part of a portfolio deal two years ago. It last traded for $50.5 million, property records show.

The deal was reported on Real Capital Analytics.

Located at 4551 and 4553 Glencoe Avenue, the twin three-story office structures together total 148,000 square feet. The complex, built in 1984, is currently leased by Arinc, an aviation company, and the Girl Scouts Council, according to Real Capital Analytics.

Representatives from both LaSalle, SteelWave and AllianceBernstein did not respond to requests for comment.

Marina del Rey has been attracting a flurry of investors and tech tenants searching for a better deal than in Santa Monica or Venice, the cities just to the north. Last month, a U.K.-based developer paid $127 million for a 238-key hotel at 13480 Maxella Avenue. It’s also home to Tesla, which occupies the entire Omnicom building on Alla Road.

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