LOS ANGELES—Archway Holding Corp. has acquired a creative office campus in West Los Angeles from AIG. The buyer purchased the 24,759-square-foot property in an all-cash transaction with a one-day escrow.
The sale of the property generated interest from multiple buyers, prompting Archway Holding Corp. to produce an all-cash offer and speedy closing. Marcus & Millichap senior associate John Ghiselli represented Archway Holdings in the transaction. The purchase price is undisclosed.
Located at 11801 Mississippi Ave., the property is in one of the west side’s growing tech hubs. According to Hessam Nadji, the chief strategy officer at Marcus & Millichap, employment gains in West Los Angeles area have lead to a steady demand for creative office space. The surrounding area has little new development or developable space, which he explains “will be instrumental in tightening vacancies in the coming year, particularly has the local economy builds momentum.”
The property is located within close proximity to the Element LA campus, which was leased in full last year by video game creator Riot Games. The lease transaction for the 284,000-square-foot campus was the largest office lease signed in Southern California in five years. The tech company singed a 15-year lease with rents estimated at $3.75 per square foot.