The Koll Co. Sells LA-Area Office Building
This asset previously traded in 2015 for more than $30 million.
Logos Missions Inc. has purchased Plaza Tower, an office building spanning 191,939 square feet in Cerritos, Calif. The previous owner, The Koll Co., had acquired the property in 2015 for $30.5 million, according to CommercialEdge data. Newmark represented the seller in the current transaction.
Completed in 1986 and renovated in 2015, the nine-story building features 28,000-square-foot floorplates. The asset was 84 percent leased at the time of sale; tenants include The Oncology Institute of Hope & Innovation, Thermal Engineering, Premier Workspaces and Fremont University.
Located at 18000 Studebaker Road, the 4.2-acre property is off Interstate 605, directly adjacent to Plaza 183 and near the Los Cerritos shopping mall. Downtown Los Angeles is roughly 18 miles northwest, while Long Beach Airport is some 6 miles away.
Los Angeles leading the U.S. in office sales
Newmark Co-Head of U.S. Capital Markets Kevin Shannon and Senior Managing Director Brandon White, along with Vice Chairmen Paul Jones and Ken White, represented The Koll Co. Jones stated in prepared remarks that the buyer was offered immediate occupancy of the existing vacancy.
Los Angeles led the U.S. in office transactions year-to-date through September, registering a total volume of $1.98 billion, at an average $308 per square foot, according to a recent CommercialEdge report. The metro’s vacancy rate clocked in at 16.5 percent, up 150 basis points year-over-year, but still remained below the national rate of 17.8 percent.