By Mihaela Coste
Harbor Associates, in a joint venture with Stockbridge Capital Group, has acquired a 33,000-square-foot office building located in Century City, Calif., for a price tag of $14.7 million.
Harbor acquired the asset through a distressed liquidation sale and purchased the property in 25 days, the transaction marking the seventh value-add office acquisition for the company in the last two years. The seller, Spanish Broadcasting System, which has owned and occupied the building since 1994, was represented in the transaction by NKF’s Capital Markets West Coast President Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Vice Chairman Brad Feld.
Located at 10281 W. Pico Blvd., the asset benefits from immediate access to many points of interest including the Westfield Century City Mall, as well as residential communities and projects currently under development. Additionally, the asset is immediately adjacent to the 20th Century Fox movie and television studios. The four-story property built in 1981 includes two subterranean parking levels.
Rebranding and Renovation Program
Harbor is planning a comprehensive rebranding and renovation program that includes transforming the exterior of the building, upgrading lobbies and restrooms, creating new indoor and outdoor amenity spaces, as well as the renaming of the property as “Bespoke Century City”.
“Bespoke Century City represents our seventh value-add office acquisition in the last two years in Southern California and expands our Los Angeles area portfolio to three buildings totaling 192,000 square feet. (…) We intend on building on our recent momentum by sourcing new opportunities and pursuing similar strategies in high demand Southern California submarkets to meet our acquisition goal of $250 million by year-end 2017,” said Justin Liacono, principal of Harbor Associates, in a prepared statement.
“Opportunities to acquire buildings of this size in Los Angeles’ esteemed Westside are extremely rare,” added Shannon. “The buyer was able to secure a strong investment in the heart of a thriving area that is also seeing new development and significant capital investment.”
Image courtesy of Harbor Associates