Newmark has completed the $14.7 million sale of an approximately 30,000-square-foot four-story office property that includes two subterranean parking levels in Century City, CA.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Director Ken White, Senior Managing Director Rob Hannan, and Vice Chairman Brad Feld represented the seller, Spanish Broadcasting System (SBS). The buyer, Harbor Associates, represented itself in the transaction.
Located at 10281 West Pico Boulevard in the Westside submarket of Century City, SBS has owned and occupied the entire building since 1994.
“Opportunities to acquire buildings of this size in Los Angeles’ esteemed Westside are extremely rare,” said 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.”
Built in 1981, the property is situated on a .23-acre parcel of land. Its location provides immediate access to a diverse mix of amenities including the Westfield Century City Mall, residential housing, and projects currently under development including Ten Thousand, a luxury apartment tower, Waldorf Astoria hotel, and the re-development of the Century Plaza Hotel.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.