Ocean West and Westbrook find buyer for Westwood office building

The joint venture have shopped Westwood Terrace since 2016

Los Angeles /
Aug.August 21, 2018 10:13 AM
Westwood Terrace and Ocean West Capital Partners Principal Russ Allagrette

Ocean West Capital Partners and Westbrook Partners have found a buyer for an office building in Westwood.

The joint venture is closing on a $93 million deal with a Goldman Sachs real estate fund for Westwood Terrace, a 165,000-square-foot building at 1640 S. Sepulveda Boulevard, according to the Los Angeles Business Journal.

Ocean West paid Jamison Services $54 million for the building in 2013 and listed it in April 2016. Area sources predicted at the time it could sell for as much as $105 million. It was taken off the market that year and reintroduced three months ago.

The deal is expected to close by the end of the month. Ocean West will continue to manage the property following the sale.

The partners renovated the five-story building, originally built in 1988, to give it a creative office vibe, and raised rents to a per-month average of $4.50 per square foot, up from $3.

Ocean West’s last big play was its $70 million purchase of the 12-story Taft Building at 1680 Vine Street in Hollywood. The El Segundo firm picked up the historic office building, which once housed actor Charlie Chaplin’s office, in an off-market deal with DLJ Real Estate Capital Partners. [LABJ] – Dennis Lynch 

Correction: an earlier version of this story attributed a 2016 sale price estimate to Kevin Shannon and said the property was on the market for two years. The property was taken off the market in 2016 and reintroduced in 2018. The price estimate was made by other local sources.


Related Articles

arrow_forward_ios
Gov. Gavin Newsom with Doug Ose and John Cox (Getty, Twitter)
Real estate execs among challengers in Newsom recall
Real estate execs among challengers in Newsom recall
2575 E El Presidio Street and Thor Equities Chairman Joe Sitt
Thor Equities pushes into LA industrial market
Thor Equities pushes into LA industrial market
Rendering of the new Pasadena office and existing building inset. (JLL, 101 South Marengo)
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Let there be light: Atlas Capital will overhaul windowless Pasadena office block
Landmark Properties President and CEO J. Wesley Rogers. (Landmark, Google Maps)
Landmark Properties revamps rental project near UCLA
Landmark Properties revamps rental project near UCLA
PPIH President & CEO Naoki Yoshida and TPG Capital Partner Paul Hackwell (Linkedin, Getty)
TPG Capital selling SoCal-based Gelson’s Markets
TPG Capital selling SoCal-based Gelson’s Markets
MDT Properties Marc Tavakoli and 627-631 N. Dillon Street (Google Maps, iStock/Illustration by Alexis Manrodt for The Real Deal)
Shovel-ready site in Silver Lake trades for $3.5M
Shovel-ready site in Silver Lake trades for $3.5M
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...