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LaSalle Divests Two Playa Vista Creative Office Properties
Newmark completed two separate office sales, totaling approximately $75 million, in Playa Vista. The first property, The Annex, a 131,942-square-foot low-rise creative office campus, sold for $50.3 million. The second property is 12901 W Jefferson Blvd (pictured), a 48,412-square-foot, single-tenant office building leased to media giant IPG.
Co-head, U.S. capital markets Kevin Shannon and vice chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented seller LaSalle Investment Management in both transactions. The buyer of The Annex was the Westside Neighborhood School, while the buyer of 12901 W Jefferson was a venture between Pacshore Partners and A2 Capital Management.
“The sale of both assets is a reflection of the increased liquidity we are seeing in the market, especially in a desirable submarket like Playa Vista where investors and users can obtain today a comparatively very attractive basis,” said Shannon.
The buyer of The Annex was represented by David Kimball and Sam Devorris of NAI Capital.
- ◦Sale/Acquisition
