Vacant 259,000 square foot property sold
Newmark, a real estate brokerage firm, has successfully facilitated the sale of a vacant 15-story, 259,000-square-foot office building located at 9911 West Pico Blvd. in Century City.
As reported by Connect CRE, the buyer, Alon Abady of Green 26, LLC, reportedly acquired the property for $35 million, and there are speculations that the building will be redeveloped to take advantage of the booming real estate market in Century City.
Kevin Shannon, representing Newmark along with Ken White, Rob Hannan, Laura Stumm, and Alex Beaton, stated that “adaptive reuse is a much more common theme for older office buildings these days. 9911 Pico provides a perfect example of optionality with residential, creative and medical office conversion as future possibilities.” This suggests that the buyer may explore different redevelopment options for the property.
Century City has been identified as one of the best performing office markets in the United States, with a low direct vacancy rate of only 10.7%. Shannon added that the submarket has seen strong momentum in the real estate sector, which could be a contributing factor to the property’s sale and potential redevelopment.
Abady, the buyer, commented, “We will evaluate all possible scenarios for the highest and best use of the asset. As of now, we have no definitive plans for the property.” This indicates that the buyer is open to considering various options for the property’s future use.
The details of the undisclosed seller in the deal remain undisclosed. However, the transaction highlights the continued activity in the real estate market, particularly in Century City, where properties are being bought and sold for potential redevelopment opportunities. The future of 9911 West Pico Blvd. remains uncertain, but the sale and the buyer’s comments indicate that there may be plans to capitalize on the red-hot real estate momentum in Century City.
