Manatt Phelps Adds 72,000 Square Feet to Westside Offices
In one of the largest office transactions on the Westside this year, the law firm of Manatt, Phelps & Phillips signed a 12-year sublease that expands its offices by 72,000 square feet at Trident Center, a two-building complex at 11355 and 11377 W. Olympic Blvd. Terms of the transaction were not disclosed, but it was estimated to be about $40 million. The sublandlord, Metropolitan Life, was represented by Marty Barkan, Serge Vishmid, Bruce Kaufer and Michael Hobbs of Grubb & Ellis. Manatt Phelps, which represented itself, now occupies about 200,000 square feet of the 350,000-square-foot Trident Center.
TRW Inc. signed a 7 1/2-year, $11-million sublease for a 55,000-square-foot office building at 2221 Park Place in El Segundo. Chris Strickfaden and Ernest Johnson of PM Realty Group represented the sublandlord, Digital Media Campus. The tenant was represented by Dave Drummond and Brian Plott of Colliers Seeley International.
Asset Management Consultants Inc. acquired a 107,902-square-foot office building at 801 Corporate Center Drive in Pomona for nearly $10.3 million from Colorado Springs, Colo.-based Focus on the Family. Ed Indvik of Lee & Associates represented the buyer and the seller.
FF Realty, an affiliate of Fairfield Residential of San Diego, acquired the 161-unit Meadowbrook Apartments at 15425 Sherman Way in Van Nuys for $10.3 million from SRE Real Estate Fund, an affiliate of Sentinel Real Estate of New York. The buyer and seller were represented by Ron Harris and Greg Harris of Marcus & Millichap.
Palo Alto-based Pacific Property Co. purchased the 104-unit Rancho Palisades Apartments at 1330 S. Bristol St. in Costa Mesa from Rancho Palisades LLC for about $10 million. The buyer plans to renovate the property and rename it Missions at the Back Bay. John Thomas of Providence Realty Group Inc. represented the buyer. Randall Lee of Lilly Enterprises represented the seller.
Los Angeles-based Hanover Financial Co. and Upside Investment Inc. of Calabasas acquired a 143-unit portfolio of apartments at 333 South Kingsley Drive and 519 South Gramercy Place in Los Angeles for $9.5 million from Success Overseas Inc. and the Park Family Trust. Sam Chung of A-Ju Realty represented the seller and buyer of the Kingsley property. Mark Konopaske of Total Investment Inc. represented the buyer of the Gramercy property, while the seller was represented by Byong Kang and Michael Fiorina of Southwestern Pacific Land Group Inc.
Culver City-based Sizzler International Inc. signed a 10-year, $7-million lease for 22,402 square feet of corporate headquarters space at 15301 Ventura Blvd. in the newly refurbished Sherman Oaks Galleria. Sizzler will move to the space in November, said Tom Festa and Mike Hobbs of Grubb & Ellis, who represented the tenant. Tony Acerra and Gina Guarino of Douglas Emmett & Co. represented the landlord, Galleria Park Partners of Santa Monica.
F&B; Properties, a San Francisco-based private investor, purchased the 74,453-square-foot Walnut Avenue Business Park at 3259 Walnut Ave. in Signal Hill for $5.4 million from RREEF of San Francisco. Michael Randall, Dixie Walker and Charley Simpson of Grubb & Ellis represented the seller. Charlie McCabe of CB Richard Ellis represented the buyer.
Admar Group, a Santa Ana-based developer of services to manage health-care costs, signed a five-year, $4.8-million lease renewal for 38,970 square feet of office space in the Bentall Executive Centre at 1551 N. Tustin Ave. in Santa Ana. The tenant was represented by Grubb & Ellis brokers Tom Taylor, Greg Farrier, David Giglio and Lori Smith. The landlord, Bentall Real Estate Services of Canada, represented itself.
In a sale that is believed to be the highest price paid per unit for an apartment complex in Los Angeles County this year, Park Enterprises acquired a 15-unit apartment complex at 437 Gayley Ave. in Westwood from Century West Development for nearly $4.8 million, or $315,000 a unit. The seller was represented by Kitty Wallace of Sperry Van Ness. The buyer was represented by Rodney Shoham and Michael Martinez, also of Sperry Van Ness.
