Fortress finally scores Brentwood Gateway tower for $58M

Same deal had fallen through last July

TRD LOS ANGELES /
May.May 20, 2019 01:00 PM
Wesley Edens, Fortress Chairman and Co-Founder and 11611 San Vicente Boulevard
Wesley Edens, Fortress Chairman and Co-Founder and 11611 San Vicente Boulevard

Less than a year after the deal originally fell through, an affiliate of Fortress Investment Group has purchased the massive Brentwood Gateway office tower for $58 million.

Brentwood Gateway LLC, an affiliate of private investment firm Vintage Capital Group, sold a ground lease to the 10-story, 104,700-square-foot building at 11611 San Vicente Boulevard in Brentwood. The property is ground-leased through 2091 by a family trust assigned to Eulalie Ahern.

The tower was built by Vintage Real Estate founder Fred Sands on a 0.9-acre site in 1977. The building is nearly 100 percent occupied by tenants including Buter, Buzard, Fishbien & Royce; Allison & Partners LLC; and Oaktree Capital Management. One West Bank and Velocity Training Studio lease ground-floor retail space. The high-rise was also the long-time headquarters of Vintage Capital Group.

The Real Deal reported last July that New York City-based Fortress fell out of the contract to purchase the building for the same price when the firm tried to negotiate for a better rate.

Newmark Knight Frank represented the seller, while the buyer was self-represented. Crosbie Gliner Schiffman Southard & Swanson LLP represented the seller in negotiations and announced the deal.

SoftBank Group acquired Fortress for $3.3 billion in 2017, and the firm has remained active in Los Angeles. Last month, Fortress sold a Long Beach commercial property for $29 million.


Related Articles

arrow_forward_ios
Los Angeles County dominates the US real estate market

LA tops US I-sales market in 2019

Institutional investment in Los Angeles is lagging

LA is one of the trickiest cities for institutional investors to understand. Here’s why

LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

10301-10335 West Jefferson Boulevard and Jim Jacobsen Chairman, CEO at Redcar LTD (Credit: 42 Doors and LinkedIn)

Redcar pays $74M for Culver City office complex, eyes expansion

The Beverly Hills Montage at 225 N. Canon Drive

Qatar-backed hotel firm buys Montage Beverly Hills in record deal

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

arrow_forward_ios
Loading...