{"id":1004601655,"date":"2022-09-07T00:21:27","date_gmt":"2022-09-07T08:21:27","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004601655"},"modified":"2022-12-08T09:58:07","modified_gmt":"2022-12-08T17:58:07","slug":"la-office-transaction-activity-strong-in-q2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/la-office-transaction-activity-strong-in-q2\/","title":{"rendered":"LA Office Transaction Activity Strong in Q2"},"content":{"rendered":"

\"\"<\/a>Los Angeles\u2019 office transaction volume for the second quarter this year reached just over $1 billion, on par with the previous quarter, according to CommercialEdge<\/strong>. Investment activity remained strong in the metro, as for the entire first half of the year, Los Angeles recorded $2.3 billion in office sales \u2013 more than double the amount recorded in 2021\u2019s first half ($1 billion).<\/p>\n

More than 2 million square feet of office space traded during the second quarter, with the amount being split between primary urban (566,000 square feet), secondary urban (540,000 square feet) and primary suburban (914,400 square feet) submarkets. A single property traded in the CBD area, comprising 27,000 square feet, while three properties totaling 87,700 square feet were sold in secondary suburban submarkets. Suburban markets remained a focus for investors, and creative office assets continued to trade at a premium.<\/p>\n

At $2.3 billion office transaction volume for the first half of the year, Los Angeles remained among the top metros for sales. Most gateway markets recorded less transaction volume, but Manhattan ($2.8 billion) and Boston ($2.5 billion) performed better than Los Angeles. Chicago ($1.8 billion), San Francisco ($1.1 billion) and Miami ($995 million) saw less activity in the first half of 2022.<\/p>\n

The price per square foot continued to steadily increase in Los Angeles. The average for office transactions during the first half of the year reached $493 in June, up 27.4 percent since the previous quarter, and 27.0 percent year-over-year.<\/p>\n

Creative office investment at a premium<\/h2>\n

The largest office transaction of the quarter was the $206 million sale of 555 S. Aviation Blvd.<\/a> in El Segundo. A subsidiary of FS Credit Real Estate Income Trust <\/strong>acquired the asset from Tishman Speyer. <\/strong>The seller initially bought the property in 2015\u2014then a repair and distribution facility\u2014for $45 million and redeveloped it into a 259,754-square-foot creative office. The asset traded at $793 per square foot, significantly above the metro\u2019s average.<\/p>\n

A recently renovated office property traded in the Thousand Oaks submarket\u2014Harkham Ventures <\/strong>bought the asset at 2625 Townsgate Road for $35.1 million<\/a> from Lineage Trust.<\/strong> The 132,037-square-foot creative office was renovated in 2001 and includes more than 1,200 square feet of retail. JLL Capital Markets <\/strong>represented the buyer and secured a $21.1 million acquisition loan.<\/p>\n

Another significant office sale occurred in Culver City. Nuveen Real Estate<\/strong> bought the Apple-<\/strong>leased 5500 W. Jefferson from Hackman Capital Partners <\/strong>for $105.5 million. The 75,000-square-foot creative office asset was one of the most expensive properties on a per square foot basis, at $1,406.<\/p>\n

CommercialEdge<\/a> <\/em>covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report<\/em> here<\/a><\/em>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The average price per square foot grew 27 percent year-over-year. <\/p>\n","protected":false},"author":1284,"featured_media":1004546923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1594,21747,15],"tags":[51047,50674],"class_list":["post-1004601655","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-los-angeles","category-office","category-west","tag-marketupdate","tag-commercialedge"],"acf":[],"yoast_head":"\nLA Office Transaction Activity Strong in Q2<\/title>\n<meta name=\"description\" content=\"Office investment sales recorded strong performance in the second quarter across the metro, with creative assets remaining a favorite.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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