UPDATED, Sept. 8, 1:33 p.m.: DivcoWest has added a fourth property to its Los Angeles County office portfolio — this one a 200,000-square-foot complex in North Hollywood’s Arts District, The Real Deal has learned.
In a joint venture, DivcoWest and GPI Companies paid $92 million for the building at 5250 Lankershim Avenue, sources told The Real Deal. DivcoWest declined to comment on the transaction. Seller J.H. Snyder Company did not respond to requests for comment.
J.H. Snyder bought the glass complex from the City of Los Angeles’ Community Redevelopment Agency in 2008, records show. Kaiser Permanente and co-working firm Regus both occupy space there.
The acquisition is something of a departure for DivcoWest, which has sold a number of office properties across L.A. County in recent years. In the spring, the firm said it would spend $250 million to acquire single-family rental homes across Western U.S. states, in a partnership with Atlas Real Estate.
In early 2020, DivcoWest sold a 58,000-square-foot building in Santa Monica for $65.7 million, and a few years before that, it unloaded a complex in El Segundo for $174 million and a 241,000-square-foot office campus in Pasadena.
The firm has held two major office campuses in Beverly Hills, including it bought for $236 million in 2018.
Among GPI’s projects, the firm plans to demolish the old Amoeba Records building in Hollywood for a 200-unit residential tower. In the meantime, the building will host the Immersive Van Gogh Exhibit, according to a recent report.
Correction: A previous version of this article omitted GPI Companies as a buyer of the Arts District office complex.