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
La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

Towers at Emeryville and CEO of KBS Charles J. Schreiber Jr.

Orange County firm sells billion-dollar office portfolio to Singaporean trust

Craig Realty founder Steven Craig and 23880 Madison Street

Here are LA County’s top 5 industrial sales of May

Four of the top multifamily sales of May

Here are LA County’s top 5 multifamily investment sales of May

A collage of the top commercial sales

Here are LA County’s top 5 commercial sales of May

From left: John Walsh, founding Principal of Compass Acquisition Partners, and Robert Conn, Vice President, Acquisitions, Klingbeil Capital Management

Compass Acquisition Partners buys one of largest resi complexes in Santa Clarita

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

arrow_forward_ios