The three-story, steel-frame building was 100% leased at the time of sale, with 85% of the space occupied by National University, a private university, through February 2014. The building is part of Pacific Concourse, master-planned business park that includes the office buildings, a Los Angeles County courthouse, a lake and a planned residential development.

The Grubb & Ellis team, which represented the buyer and the seller, included Kevin Shannon, Michael Moore, Chris Sinfield, Bill Maher, Scott Schumacher and Paul Perkins. Privately held Greenlaw Partners bought the 5245 Pacific Concourse building in 2004 as part of a three-building, 228,506-sf purchase.

Greenlaw paid $44.2 million for the complex, which was built in 1989 and also includes buildings at 5220 and 5230 Pacific Concourse Dr. The asset, which Greenlaw bought from a partnership of Los Angeles-based Pacifica Capital Group and GMAC, was 95% occupied at the time of the 2004 sale.

The Pacific Concourse complex and nearby areas have drawn increasing investor interest in the past year or so, including plans by Windstar Communities, a division of San Diego-based Nexus Properties, to build a 430-unit luxury apartment complex called Pacific Place on a site of nearly five acres.

The development site, which Windstar bought from Trammell Crow Residential for $42 million, is at the northwest corner of La Cienega Boulevard and Pacific Concourse Drive, not far from Manhattan Beach.

Instant Insights /

Doheny Trust Spends Nearly $18M at Pacific Concourse

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