A 16,950 square-foot office building in Los Angeles’ Westwood Village neighborhood has been put on the market for the first time in nearly 40 years. According to an offering memorandum obtained by The Registry, the building, which is fully leased to the University of California Los Angeles, is offered for sale with an asking price of $17.5 million, or approximately $1,035 per square foot.
Public records show that the three-story building, located at 911 Broxton Avenue, is owned by an entity associated with Picoa Inc. The Los Angeles-based real estate investment company has owned the building since developing it in 1979.
According to the offering memorandum, the building’s only tenant, The Regents of UCLA, have occupied the building since the mid-1980s. Approximately one decade later, the institution’s governing body expanded its presence taking over the entirety of the office building.
More recently, in 2019, UCLA extended its lease term with a five-year lease agreement that includes a 2 percent annual rent increase. At the time of the lease, the landlord and tenant also completed a one million-dollar renovation on the building.
“911 Broxton was acquired by the current ownership over 40 years ago (1979) and is only being offered to select purchasers for a short period of time,” the offering memorandum states. “Properties rarely change hands within Westwood Village. Much of the Village is owned by a small handful of established families and non-institutional owners. In the past five years, only four office building sales have occurred…Property owners within Westwood Village generally are high-net-worth, established investors who recognize the difficulty of acquiring assets in the Village, and therefore rarely ever sell.”
In general, new owners will benefit from the limited amount of transactions in the area, according to the offering memorandum. With its location directly across from the UCLA campus, the building is a valuable asset for the current tenant. The property also benefits from its close proximity to Interstate 405 and the expanding Metro Purple Line, which provides access through much of the Greater Los Angeles region. Also nearby is One Westwood, Google’s new 600,000 square-foot campus. The office complex, located at the intersection of Westwood and Pico Boulevards, is currently under construction. In total, the neighborhood is home ot 8.1 million square feet of office space.
The property is listed by Pegasus Real Estate Investment Advisory Inc., which did not respond in time to comment on this story.
