L.A. Boosts CA Onto Nation’s Top 20 Deals List

Carina Bukos

Los Angeles has boosted California onto Commercial Café’s Nation’s Top 20 Office Deals list for the second year in a row. California has four deals on the top 20 list, with three in Los Angeles. The largest, ranking number 8, is the 67% stake acquisition of 1999 Avenue of the Stars for $573 million and the sales of 1299 Ocean and 429 Santa Monica in Santa Monica, which total $362 million. The fourth office sale is JMB Financial Advisors’ purchase of 44 Montgomery Street for $475 million.

“In 2016, California had just one deal make it into the nation’s top 20 deals in H1, 10880, 10940, 10960 Wilshire and 1100 Glendon Ave in Los Angeles, for $1.3 billion,” Carina Bukos, a research analyst at Commercial Café, tells GlobeSt.com. “This year, the four transactions brought California’s sales volume up to $1.8 billion in H1. It has been the second best H1 since 2013.  Some of this activity is a result of sustained development. California added 3.2 million square feet in Q2 alone, and is expected to deliver another 11 million square feet by the third quarter. Office transactions on this market so far this year may have been less impressive than their East Coast counterparts, but they provide more flexibility in a valuable market.”