Beacon Capital to buy Fox Sports office on Westside
Cable channel will lease back portion, new owner to renovate under $51.7M deal
Beacon Capital has struck a $51.7 million deal for the purchase of the Fox Sports campus in West Los Angeles.
A 60-month loan from ACORE Capital also will fund some renovations of the property at 1440 Sepulveda Boulevard, according to the Commercial Observer.
Beacon Capital Partners is purchasing the property, which is an unincorporated area, from Fox Corp. in a leaseback deal. Fox Corp. plans to vacant two-thirds of the 120,572-square-foot property and lease the remaining third.
The property is near Westside offices leased by tech companies including Amazon, Google, Apple and Facebook. It’s also close to the University of California, Los Angeles campus.
Fox Corp. is an entity created when Walt Disney Co. acquired 21st Century Fox in 2019. Fox Corp. owns Fox Sports and Fox News, among other media outlets.
Fox Corp. also retained some of its predecessor’s real estate assets, including the Fox Sports office and Fox’s 50-acre Westside studio lot.
Fox Corp.’s predecessor bought the Fox Sports property in the early 1990s for about $50 million.
Boston-based Beacon Capital Partners has properties in major metro areas around the country. The Fox Sports campus is one of five properties the firm owns in L.A., all of them offices.
The firm owned One California Plaza for four years before selling it off in 2017 to Rising Realty and Colony Northstar.
Beacon Capital’s most recent L.A. acquisitions were both in 2018. Early that year, Beacon bought a 228,500-square-foot office complex in Del Aire for $43 million from LBA Realty.
Later on in November, the firm paid Piedmont Office Realty Trust around $160 million for a 22-story office tower in Glendale. Software company ServiceTitan later leased about a quarter of the 527,000-square-foot property.
ACORE’s last big play in L.A. was providing an $81 million construction loan to Cityview for a mixed-use project near the University of Southern California campus.
[CO] — Dennis Lynch