Investors Bring Rare Assets to Market

The 71,493-square-foot property is fully occupied by Veolia.

LOS ANGELES—An unnamed investor is bringing a rare energy facility in Century City to market, GlobeSt.com has learned exclusively. Described as a legacy asset by brokers, the 71,493-square-foot property is fully occupied by water, waste and energy solutions firm Veolia, which has a 25-year lease in place. In addition to the property, the offering includes seven miles of subterranean multi-use infrastructure. While it is coming to market without a price, industry insiders peg the value at approximately $70 million.

“This is a legitimate world-class location with a guaranteed long-term revenue stream that is fully inflation hedged and backed by investment-grade corporate credit,” Geoffrey Kasselman, a broker at Newmark Grubb Knight Frank, tells GlobeSt.com. Plus the facility is ‘mission critical’ and impossible to replace including over 7 miles of subterranean infrastructure, and one day many years down the road the site may be ideally suited for higher-density development. Opportunities like this simply don’t come along very often.” Kasselman is leading the marketing efforts, along with Sean Fulp, David Colen and Scott Selke.