Los Angeles Business Journal: Office Tower Near LAX Sells for $45 Million
October 9, 2019
A partnership led by El Segundo-based North Sea Capital Advisors Inc. acquired a roughly 306,000-square-foot office building near LAX from Roxborough Group and downtown-based Ruth Group for $45 million.
Newmark Knight Frank, which represented the seller, announced the deal Oct. 9. The buyer was self-represented.
NKF’s Kevin Shannon, Michael Moore, Ken White and Sean Fulp represented the seller in the transaction while NKF’s David Milestone and Brett Green secured a $39.71 million loan for the buyer.
The building, at 5901 W. Century Blvd., is 92% leased.
The seller purchased the property in 2017 and put more than $8 million into upgrading the building with a renovated lobby and common areas, a clubhouse and a dog park.
“The seller completed more than 220,000 square feet of new leases, expansions and renewals during that short timeframe at rents up to and exceeding $3.00 FSG, which are historic highs and demonstrates amazing leasing velocity for this submarket,” Shannon said in a statement.
“The recent significant value creation, as well as the future lease-up of the remaining vacancy, resulted in this offering being very well received by the marketplace,” Shannon added.
Matt McCormick, managing director of San Francisco-based Roxborough Group, said the property was still considered an “affordable option for tenants priced out of Playa Vista, El Segundo, and other Westside ‘Silicon Beach’ submarkets.”