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
OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia)

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
US Bank Tower at 633 West Fifth Street and Silverstein Properties' Larry Silverstein (Getty, Wikipedia Commons)

Silverstein Properties confirmed as buyer of US Bank Tower

Silverstein Properties confirmed as buyer of US Bank Tower
OUE Limited executive chairman and CEO Stephen Riady and the US Bank Tower (Credit: Wikipedia)

Downtown’s US Bank Tower in contract to sell for $430M

Downtown’s US Bank Tower in contract to sell for $430M
First District Supervisor Hilda Solis (Credit: Rebecca Sapp/Getty Images)

LA County select reopening target date for restaurants and retailers

LA County select reopening target date for restaurants and retailers
Eric Garcetti orders a moratorium on LA commercial evictions (Photo credit: iStock photo)

Garcetti orders a moratorium on commercial evictions in LA

Garcetti orders a moratorium on commercial evictions in LA
Los Angeles County dominates the US real estate market

LA tops US I-sales market in 2019

LA tops US I-sales market in 2019
arrow_forward_ios

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

Loading...