The Push for More Multifamily

The property is leased to the County of Los Angeles through 2019.

LOS ANGELES—Developer Jamison has acquired an older office building from an entity advised by Cohen Asset Management for $20 million. In an earlier story, GlobeSt.com reported that the buyer hired Wilshire Construction as the lead contractor to convert the office building into multifamily housing. The seller’s team marketed the property as a redevelopment site, noting that the property had “friendly zoning” and multifamily would be the highest and best use.

“The property is under-developed with friendly zoning for a high-density multi-housing project, which was the highest-and –best use for the site,” Blake A. Rogers, a director at HFF, tells GlobeSt.com. “The seller recognized the appetite in the market for multi-housing development sites in the submarket and especially along Wilshire Boulevard. Further, given the term remaining on the current lease, the Seller realized that he could capitalize on this demand while providing a developer with cash flow to carry through entitlements.” Rogers represented the seller in the transaction, along with director Andrew Harper.