LaSalle Investment Management has sold two office buildings in Playa Vista for a combined $74.3 million — about half of what the JLL subsidiary paid for them in 2017.
The firm sold 5340 Alla Road and 12901 West Jefferson Boulevard, in two separate transactions, according to L.A. Business First and Commercial Observer.
Westside Neighborhood School, a private school, paid $50.3 million, or about $381 per square foot, for The Annex, a 132,000-square-foot building on Alla Road. Built in 1972, the five-acre property was revamped in 2012, according to LoopNet.
The building has been equipped with editing bays, production soundstages, exclusive patios and private entrances.
Pacshore Partners and A2 Capital Management spent on $24 million, or $496 a square foot, on the other building — a 48,400-square-foot property on West Jefferson.. It’s fully leased to IPG Mediabrands, whose subsidiaries, Deutsch LA and Steelhead, base their headquarters there.
Brokers Kevin Shannon, Ken White, Rob Hannan, Laura Stumm and Michael Moll of Newmark represented LaSalle Investment Management in both deals. Westside Neighborhood School was represented by David Kimball and Sam Devorris of NAI Capital.
“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,” Shannon said in a statement.
LaSalle bought the two buildings in 2017 for a combined $140 million, or about $777 per square foot — $95 million and $45 million for the Alla Road and West Jefferson Boulevard properties, respectively. The firm put the properties up for sale in December.
— Dana Bartholomew
A previous version of this story said both properties were sold to Westside Neighborhood School. The private school only purchased 5340 Alla Road.
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TRD Staff
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