California + Los Angeles + Office | April 7, 2023

Alon Abady Pays $35M for Vacant Century City Office Building

Newmark has arranged the sale of 9911 West Pico Blvd., a vacant 15-story, 259,000-square-foot office building in Century City, CA. Alon Abady of Green 26, LLC paid a reported $35 million for the asset, that is likely to be redeveloped to take advantage of Century City’s red-hot real estate momentum.

“Adaptive reuse is a much more common theme for older office buildings these days. 9911 Pico provides a perfect example of optionality with residential, creative and medical office conversion as future possibilities,” said Newmark’s Kevin Shannon who represented the undisclosed seller in the deal along with the firm’s Ken White, Rob Hannan, Laura Stumm and Alex Beaton.

“With a direct vacancy rate of only 10.7%, the submarket has emerged as one of the best performing office markets in the U.S.,” added Shannon.

“We will evaluate all possible scenarios for the highest and best use of the asset,” commented Abady. “As of now, we have no definitive plans for the property.”

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Newmark's Kevin Shannon

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

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