Harbor Associates, LLC and F&F Capital Group have acquired a 164,683-square-foot Class A creative office building on Los Angeles’ Westside for $44.713 million in a joint venture. The property was previously sold for nearly $93 million five years ago according to the Los Angeles Business Journal.
According to Harbor principal Joon Choi, “We are now beginning to see distress hit the market after several years of postponement.” Despite current market conditions and the rise of remote work, there are still opportunities to find discounted hidden gems in commercial real estate. With our cost basis at an advantage, we anticipate strong performance from this property post-COVID.
Originally built in 1987 and recently renovated with over $11 million invested into tenant spaces and common areas such as balconies facing north and westwardly directionally improved lobby space redesigned with new elevator landings as well as a ground floor screening room that seats up to 70 people. At closing time it was occupied by 80%.
The seller was advised by Kevin Shannon and Rob Hannan of Newmark.
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