A Griffin Capital real estate investment trust affiliate sold a sprawling Simi Valley office property for $30 million.
The 12.5-acre property at 350 America Street has about 207,000 square feet of office space entirely leased to Bank of America, according to the Commercial Observer.
The buyer was Marina Del Ray-based Top Terraces.
The long, rectangular two-story building was constructed in 1998. The Griffin Capital Essential Asset REIT affiliate acquired the property in 2015 for $28.4 million from Rising Realty Partners and Mount Kellett Capital Management, according to the Los Angeles Business Journal.
Griffin also bought a Tapo Canyon property from the partners at the time. Those were all-cash deals.
Rising purchased the America Street property in 2013 from Bank of America Corp. as part of a $200 million, 10-building portfolio deal.
Griffin REIT’s last big office deal in L.A. was in late 2019. That’s when it sold a 152,000-square-foot El Segundo office to SteelWave for $63.5 million. Griffin acquired that property in 2014 and bought out its last tenant, selling it vacant to SteelWave.
In some of L.A.’s more dense areas, the pandemic has greatly weakened the market for office space. [CO] — Dennis Lynch