258.500 square foot space sold by Newmark Group
A vacant 15-story office building in Century City, Los Angeles, has been sold for approximately $35 million, signaling a demand for office space on the Westside.
As reported by Business Journals, the property, located at 9911 West Pico Boulevard, spans approximately 258,500 square feet and was sold by Newmark Group Inc. The buyer, Alon Abady of Green 26 LLC, acquired the property from the previous owner, Blackstone Inc., according to Reonomy data. Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, and Alex Beaton represented the seller in the deal.
Built in the 1970s and recently renovated, the Beverlywest building has the potential to accommodate a variety of uses, and Newmark stated that the property will undergo extensive repositioning before any leasing activity takes place. Situated just one block south of the heart of Century City, the property is well-positioned to benefit from the momentum that Century City is experiencing, according to Newmark.
Kevin Shannon of Newmark highlighted that Century City is one of the best-performing office markets in the county, with a direct vacancy rate of 10.7%. In addition, Los Angeles was the second leading market for office investment sales volume, trailing only Manhattan, New York, as per Newmark’s 4Q22 Capital Markets report. Despite a decline in overall sales year-over-year across property sectors, there were small seasonal increases in December 2022 deal closings, with the exception of multifamily, Newmark reported.
The sale of the Beverlywest building underscores the strong demand for office space in the Westside of Los Angeles and reflects the ongoing investment activity in the region’s real estate market. With the potential for repositioning and the strategic location in Century City, the property presents opportunities for future development and utilization in the dynamic Los Angeles office market.
