DivcoWest JV pays $92M for Arts District office complex

JH Snyder sold 202K sf building in North Hollywood

Los Angeles /
Sep.September 07, 2021 01:00 PM
5250 Lankershim Boulevard and DivcoWest CEO Stuart Shiff (GPI Companies, DivcoWest)
DivcoWest CEO Stuart Shiff, whose firm bought 5250 Lankershim Boulevard with GPI Companies. (GPI Companies, DivcoWest)

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.





    Related Articles

    arrow_forward_ios
    Brookfield Properties' Brian Kingston and 601 South Figueroa Street (Brookfield Properties, Getty, Loopnet)
    Brookfield looks to sell DTLA’s Figueroa tower
    Brookfield looks to sell DTLA’s Figueroa tower
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Hudson Pacific Properties, Getty)
    Google denies any construction delays at One Westside
    Google denies any construction delays at One Westside
    WeWork CEO Sandeep Mathrani and WeWork Lantana at 3000 Olympic Boulevard in Santa Monica (WeWork, Illustrtaion by The Real Deal with Getty)
    WeWork, L.A. Chamber link for back-to-office push
    WeWork, L.A. Chamber link for back-to-office push
    Google CEO Sundar Pichai, Hudson Pacific Properties CEO Victor Coleman and One Westside at 10800 Pico Boulevard (Getty, Hudson Pacific Properties)
    Google faces delays on One Westside buildout
    Google faces delays on One Westside buildout
    621 Hawaii Street (LoopNet)
    Office-industrial portfolio costs BLT Enterprises $150M
    Office-industrial portfolio costs BLT Enterprises $150M
    Grubb Properties' Clay Grubb (Grubb Properties, Google Maps, Getty)
    Show’s over? Laemmle NoHo 7 theater to become multifamily
    Show’s over? Laemmle NoHo 7 theater to become multifamily
    2600-2800 Colorado Avenue in Santa Monica with Worthe Real Estate Group's Jeffrey Worthe and Lionsgate CEO Jon Feltheimer (Loopnet, Getty)
    Lionsgate seeks to sublease part of Santa Monica HQ
    Lionsgate seeks to sublease part of Santa Monica HQ
    Virgin Hyperloop Interim CEO/CFO and Board Member Raja P. Narayanan and ROW DTLA (ROW DTLA, LinkedIn/rajanarayanan)
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    Virgin Hyperloop moves HQ to Atlas Capital’s Row DTLA
    arrow_forward_ios

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

    Loading...