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The Real Deal Los Angeles

Here are LA County’s top 5 office investment sales of September

The former Dole headquarters, at $50M, was the top sale of the month
By Dennis Lynch |
Research by Haru Coryne
October 16, 2018 08:00AM

Conrad Hilton and the Dole building

The five largest office trades of September span a wide swath of the Los Angeles metro area and totaled $122.4 million.

The top sale — for a 10-acre suburban office in Westlake Village — accounts for more than a third of that. The data was compiled from records on PropertyShark.

1. Dole Building | $50 million

The Conrad N. Hilton Foundation picked up the longtime home of the Dole Food Company, which is struggling under mounting debt. Dole abandoned plans to go public last year and in July sold a 45 percent stake in the company to Irish food company Total Produce. The Hilton Foundation was already a tenant at the 168,000-square-foot campus. Now it will move its headquarters from another nearby property. The foundation’s areas of focus include HIV, AIDS, poverty and homelessness.

2. 20750 Ventura Boulevard | $34.4 million

Peregrine Realty Partners picked up this 148,200-square-foot structure from Guggenheim Investments at $232 per square foot. It last traded for $21.3 million in 2002. It’s one of a number of Woodland Hills-area office buildings that have traded or hit the market in the last year. Insurance company Anthem Inc. listed their longtime headquarters as a redevelopment opportunity earlier this month. Peregrine is based in Newport Beach.

3. 5600 W. Centinela Avenue | $11.6 million

Belmont-based Embarcadero Capital Partners picked up this low-rise office building from the electrical contracting giant Bergelectric. The building spans 19,703 square feet, so the sale pencils out to around $588 per square foot. Most of Embarcadero’s portfolio is concentrated around Silicon Valley and San Francisco, but it also owns a 318,000-square-foot creative office in El Segundo called 777 Aviation.

4. 1617 Broadway | $10.7 million

The Spiegel Family Trust picked up this 11,900-square-foot mixed-use building from Jay Rifkin, who could be the same Jay Rifkin who rose to prominence as a business partner of composer Hans Zimmer. Rifkin engineered Zimmer’s Academy Award-winning soundtrack to Disney’s “The Lion King,” and now owns a handful of media companies including distributors and software development, according to Bloomberg. The property last sold in 2012 for $6.3 million.

5. 1201 Morningside Drive | $8 million

A real estate startup called PeerStreet picked up this Manhattan Beach office from an individual named Dennis Cooper. PeerStreet is a peer-to-peer investment platform that allows users to lend out their money to borrowers on the platform for real estate investments. The Manhattan Beach office dates from the mid-1980s and spans just under 10,000 square feet.