High-profile attorney makes quick buck in Sawtelle with $15.5M office trade

Buyer is Alon Abady, a managing partner at Waterfall Bridge Capital

Jul.July 23, 2018 05:00 PM
Seller Ronald Richards, and the property at 1850 Sawtelle

Ronald Richards, a criminal defense and civil litigation attorney, has sold a Class B office building for $15.3 million, The Real Deal has learned.

The high-profile attorney, who has appeared on “Million Dollar Listing” and done other television cameos, acquired the 25,100-square-foot property at 1850 Sawtelle Boulevard for $12.9 million in a foreclosure sale in December, property records show.

Its previous owner, Sawtelle Partners, had filed for Chapter 11 bankruptcy in August 2016, court filings show.

Alon Abady, a Beverly Hills-based investor, purchased the property through an LLC named Lomo 26 on July 7, records show.

He’s currently managing partner at Waterfall Bridge Capital, and president of Abady Holdings, business registration records show. Abady could not be reached for comment.

Bob Safai of Madison Partners represented both sides of the transaction.

Located in Sawtelle’s Japantown, the office building was built in 1989 and includes parking for 65 vehicles. Rents hover around $2.60 per square foot.

Elsewhere in the neighborhood, the University of Southern California is planning on purchasing an 80,000-square-foot office campus that is currently under construction. Its cancer research center, named after its deep-pocketed backer Larry Ellison, plans to lease the building for up to five years and then purchase it.

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