By Kate Snyder
A five-story office building in Los Angeles’ Westside has hit the market. According to marketing information from Newmark, which is handling the offer, the structure includes a variety of amenities and is one of the submarket’s only Class A creative low-rise office projects. Guidance pricing is about $65 million, or approximately $395 per square foot, according to an industry source with knowledge of the listing. Property records show that an entity affiliated with Ocean West Capital Partners is the owner of the site.
Located at 1640 Sepulveda Blvd., the property totals 164,683 square feet and is positioned across the street from one of the Westside’s most recognizable and prominent office projects, Westwood Gateway, a three building complex that totals 944,432 rentable square feet and is owned by the Irvine Company, according to the marketing brochure from Newmark. The property is also just west of Century City, which is posting 10.3 percent vacancy with physical occupancy almost at pre-pandemic levels.
The property’s amenities include private patios and terraces, large floor plates and subterranean parking, and the site can support creative uses such as technology, entertainment, media and apparel, the brochure shows. Of the Property’s occupied suites, only two have not been updated since 2014. Those two suites represent 8 percent of the property’s rentable square footage, with the balance of the occupied suites having tenant improvements not more than 10 years old.
Companies with addresses at the site include ThinkFactory Media, Fusion Academy Los Angeles and Shout Factory.
Since its formation in 2009, Ocean West Capital Partners has acquired and operated office, industrial, multifamily and student housing investments valued at more than $3.5 billion and completed over $6.6 billion in real estate transactions, according to the company’s website. The firm is based in El Segundo. At the firm’s inception, the initial focus was to release value in underperforming real estate assets through targeted investments in gateway cities, financing and hands-on asset and property management. The company’s investment partners include pension funds, insurance companies, dedicated real estate funds and family offices.
