REBusiness Online: Joint Venture Sells 306,243 SF Office Tower in LAX Submarket for $45M
October 10, 2019
LOS ANGELES — An affiliate of San Francisco-based The Roxborough Group, in partnership with Los Angeles-based The Ruth Group, has completed the disposition of an office tower located at 5901 W. Century Blvd. in Los Angeles’ LAX submarket. A partnership led by North Sea Capital acquired the property for $45 million.
Kevin Shannon, Michael Moore, Ken White and Sean Fulp of Newmark Knight Frank represented the seller, while the buyer was self-represented in the transaction.
The 15-story tower features 306,243 square feet of office space along Century Boulevard. At the time of sale, the property was 92 percent leased. Along with recent building systems upgrades, 5901 Century was heavily rebranded and features a newly renovated lobby and common areas, an executive clubhouse, dog park and bicycle-sharing program. The seller acquired the asset in early 2017 and invested in excess of $8 million to renovate and reposition the property.