Barker Pacific acquired the property in joint venture with its affiliated private equity fund, Hamilton Capital Partners and the Praedium Group. The seller was Office Building Crescent Heights Ltd., an entity of a German family trust.

The building is 60% occupied by movie and television producers, video production companies, professional service firms and other entertainment and media related service-companies.Barker Pacific Group will manage the building for the investment partners and plans to reposition as well as update it to target West Los Angeles tenants.

The new ownership, which will focus on entertainment and media related companies, also plans to bring a retail tenant to the space on the corner of Third and Crescent Heights. The building will be leased by Christopher Rising, a principal in Hamilton Capital Partners and president of the Rising Real Estate Group, along with Nico Vilgiate of CB Richard Ellis.

Michael Barker, managing director of Barker Pacific Group, calls the acquisition an opportunity to reposition a well located asset to compete with class a office buildings in the West Los Angeles submarket. The new owners bought the property in a transaction brokered by Vilgiate and Joe Kimaz of CB Richard Ellis, with the CBRE brokers representing the seller and the buyers represented by the Rising Real Estate Group.