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Larchmont Village Jewel Box Sale Sets Record
A modern three-story “jewel box” office building in the heart of tony Larchmont Village near the upscale Los Angeles neighborhood of Hancock Park sold for a record $10.05 million. The architecturally-striking building is located at 320 N. Larchmont Blvd. The sale price set a high-water mark for the Hollywood, Silver Lake, and West Hollywood office submarkets for the last 12 months for an office building up to 20,000 square feet in size.
The buyer was an unnamed local investment partnership. The property was built and owned by two generations of the Cerrell family, and occupied since 1989 by Cerrell Associates Inc., a public relations firm. The company will continue to occupy a portion of the building as part of a short-term sale-leaseback agreement.
Colliers International’s Nathan Pellow, Michael Weiner and Nick Nybakken, negotiated a “top-of-market” price of $810-per-square-foot for the 12,400-square-foot building.
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