This Week's LA Deal Sheet
The biggest deal in Los Angeles this week was undoubtedly Hudson Pacific Properties’ sale of One Westside and Westside Two to the Regents of the University of California for $700M.
The former mall will become a UCLA research center for immunology, immunotherapy and quantum science. The sale also means that Google, which had signed a lease there but never moved in, won't occupy the site. Local life sciences professionals and boosters expect to see similar companies — and top talent — in the research center’s fields flock to the area.
Eastdil Secured served as the exclusive adviser to Hudson Pacific Properties.
PEOPLE
Gantry named Amit Tyagi and Tony Kaufmann principals with the firm. Both bought into ownership and became partners in the firm’s privately held corporate structure. Tyagi and Kaufmann’s new positions were effective Jan. 1.
Tyagi joined Gantry in 2011 and has since closed transactions exceeding $3.6B. Kaufmann joined Gantry in 2018 and originated over $1B in commercial real estate financing at the firm.
SALES
Harbor Associates, in a joint venture with F&F Capital Group, acquired a five-story, roughly 165K SF Class-A creative office building in West LA for approximately $44.7M. The last sale of the building was for $92.5M in 2018, Bloomberg reported.
The property at 1640 Sepulveda Blvd. is one block north of Santa Monica Boulevard, at the gateway to Century City and Beverly Hills. 1640 Sepulveda was 80% occupied at the time of closing. The seller wasn't disclosed.
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JA Roberto Investments acquired two industrial buildings totaling approximately 27K SF on 1 acre at 800-808 E. Washington Ave. in Santa Ana for just under $5M. JLL’s Xavier Nolasco represented the seller, Q Creative LLC. The buyer was represented by Marcus & Millichap.
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Rexford Industrial Realty bought two industrial sites in Anaheim and South El Monte, spending a total of $69.5M, The Real Deal reported. Rexford paid $57M for the Anaheim site at 600 E. Vermont Ave. and $12.5M on 11234 Rush St. in South El Monte. At the 12-acre Anaheim site, Rexford plans to build a 264K SF warehouse after the seller, defense firm L3Harris, moves out. The South El Monte site is a 5-acre industrial yard that Rexford plans to redevelop with a 102K SF warehouse.
LEASES
Toyo Tire Holdings of Americas Inc. leased 60K SF in the Harbor Gateway Business Center in the South Coast Metro area of Orange County. The business center is one of the flagship business properties in the portfolio of the Segerstroms, a generational real estate family dating back to the 1800s.
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Coworking operator TailoredSpace plans to open as many as eight new locations in 2024, nearly doubling its portfolio. The next location to open will be 14K SF in San Juan Capistrano. New locations in Santa Clarita and Laguna Niguel are planned next. There are 10 TailoredSpace outposts now.
