Tribeca West office complex sold for $58 million
A West Los Angeles office complex popular with entertainment industry tenants has been purchased by Santa Monica investors for $58 million.
Ocean West Capital Partners bought Tribeca West, a 151,029-square-foot office property at 12233 Olympic Blvd., near Bundy Drive, from Broadreach Capital Partners.
Tenants in the 2.65-acre campus made up of five three-story buildings include Columbia Pictures, Vin Di Bona Productions and Walt Disney Co., according to real estate data provider CoStar Group.
Broadreach, a Palo Alto real estate investment firm, bought the complex in 2005 and performed renovations including a redesign of the outdoor plaza and building facades.
The building caters to post-production companies completing movies or television projects by offering short-term leases as well as long ones, said real estate broker Bob Safai, who represented Broadreach in the sale.
The sale of Tribeca West and other properties recently indicates that the Westside office investment market has hit bottom, said Safai, of Madison Partners. “There is a high level of capital chasing these type of deals.”
Ocean West invests in commercial office and multifamily properties in California.
“Given the current market conditions, the timing was right to monetize the investment on behalf of our investors,” said Broadreach Managing Director David Simon.
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