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.