{"id":1004340062,"date":"2019-07-22T00:38:08","date_gmt":"2019-07-22T08:38:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004340062"},"modified":"2019-07-22T00:38:08","modified_gmt":"2019-07-22T08:38:08","slug":"la-area-office-asset-sells-for-51m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/","title":{"rendered":"LA-Area Office Asset Sells for $51M"},"content":{"rendered":"
\"650<\/a>

650 Pacific Coast Highway. Image courtesy of Newmark Knight Frank<\/em><\/p><\/div>\n

New York-based Vella Group has purchased a two-building office property in Los Angeles with plans to convert it into a creative campus. The company paid $50.8 million for the 200,000-square-foot asset.<\/p>\n

Located at 650 and 700 Pacific Coast Highway in the El Segundo neighborhood, both properties sit on a shared 6-acre property. While 650 Pacific Coast Highway is an eight-story 120,000-square-foot building, 700 Pacific Coast Highway is a two-story 78,000-square-foot property with 422 surface parking spots. Boeing is currently leasing the space, but their lease expires at the end of 2020.<\/p>\n

Newmark Knight Frank\u2019s team of Kevin Shannon, co-head of U.S. Capital Markets, Ken White, executive managing director, Michael Moore, senior managing director, and CBRE\u2019s Bill Bloodgood represented the seller, who was a private family, while Vella Group represented themselves. NKF\u2019s Shannon and White also represented<\/a> another Los Angeles office building sale where the buyer is planning to renovate it into space for creative tenants.<\/p>\n

Bloodgood said that Vella Group is planning to completely redevelop the property into an office campus geared towards media, tech and entertainment tenants once Boeing\u2019s lease is up.<\/p>\n

Growing appetite<\/h2>\n

According to a second-quarter NKF report about the Los Angeles office market, tech, media and coworking sectors lead overall leasing activity.<\/p>\n

Netflix signed off on more than 163,000 square feet of space through three office leases and HBO signed a 241,000-square-foot pre-lease at 8830-8840 National Blvd., according to the report. Coworking companies also were hungry for space, accounting for 250,000 square feet of leases this quarter.<\/p>\n","protected":false},"excerpt":{"rendered":"

A New York-based company acquired the two-building property and is set to renovate it for media, tech and entertainment tenants.<\/p>\n","protected":false},"author":883,"featured_media":1004340149,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,1594,21742,21747,15],"tags":[32789,38163,33532,36007,37672],"class_list":["post-1004340062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-los-angeles","category-latest","category-office","category-west","tag-cbre","tag-ken-white","tag-kevin-shannon","tag-newmark-knight-frank","tag-the-boeing-company"],"acf":[],"yoast_head":"\nLA-Area Office Asset Sells for $51M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LA-Area Office Asset Sells for $51M\" \/>\n<meta property=\"og:description\" content=\"A New York-based company acquired the two-building property and is set to renovate it for media, tech and entertainment tenants.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-22T08:38:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/650-Pacific-Coast-Highway.-Image-courtesy-of-Newmark-Knight-Frank.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/\",\"name\":\"LA-Area Office Asset Sells for $51M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/650-Pacific-Coast-Highway.-Image-courtesy-of-Newmark-Knight-Frank.jpg\",\"datePublished\":\"2019-07-22T08:38:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/la-area-office-asset-sells-for-51m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/650-Pacific-Coast-Highway.-Image-courtesy-of-Newmark-Knight-Frank.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/07\/650-Pacific-Coast-Highway.-Image-courtesy-of-Newmark-Knight-Frank.jpg\",\"width\":800,\"height\":620,\"caption\":\"650 Pacific Coast Highway. 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