A film and television production company has acquired a distinctive clock tower office building in Bel Air, a modest deal that still represents the highest price-per-square-foot paid for a commercial property in the residential enclave.
Atomic Monster Productions paid $5.4 million for the nearly 6,000-square-foot building at 600 N. Sepulveda Boulevard.
Atomic Monster, founded by James Wan in 2014, produces horror and science fiction films, including “The Conjuring 2.”
The 68-year-old complex, which had been vacant, sold for slightly under its $5.6 million asking, and was acquired as an investment, according to a company spokesperson. Jason Froehlich of Douglas Elliman’s commercial division represented the buyer.
The seller, Evolve Commercial I LLC — an arm of Evolve Treatment Centers — bought the property in late 2014 for $3.45 million.
At $917 per square foot, the most recent sale was the highest per square foot deal in the Bel Air commercial market, eclipsing the $757 a foot sale that went to 662 N. Sepulveda a decade ago, according to Trevor Nelson of Newmontis Real Estate Investment Management. Nelson and Katherine Weaver of Pegasus Investments marketed the building, and announced the sale.
Better known for its massive mansions, Bel Air is within the larger Westside office market, which remained steady in the third quarter, thanks to strong leasing activity, particularly from Netflix, according to a recent CBRE report.