Newmark recently closed two significant office sales in Playa Vista, totaling a combined value of $75 million. The first property, known as The Annex, is a low-rise creative office campus spanning 131,942 square feet and was sold for $50.3 million. The second property is located at 12901 W Jefferson Blvd and consists of a single-tenant office building measuring 48,412 square feet that is currently leased to media giant IPG.
Leading the transactions were Newmark’s co-heads of U.S capital markets Kevin Shannon and vice chairmen Ken White, Rob Hannan Laura Stumm and Michael Moll who represented seller LaSalle Investment Management with expertise and professionalism. On the buyer’s side was Westside Neighborhood School for The Annex while Pacshore Partners teamed up with A2 Capital Management to acquire 12901 W Jefferson.
According to Shannon: “The sale of both assets reflects the growing liquidity in today’s market especially in highly sought-after submarkets like Playa Vista where investors can secure attractive bases.” Representing the buyer for The Annex were David Kimball along with Sam Devorris from NAI Capital.
This post highlights LaSalle Investment Management divesting two prime creative office properties situated within Playa Vista without mentioning Connect or Connect LA/Texas.
