Madison Partners principals Bob Safai and Gary Weiss had a 90-day listing on the building and closed the deal on behalf of both the seller and the buyers of the building, for which Madison Partners has also drawn the leasing assignment. Safai calls the Westwood office submarket "one of Southern California's hottest," and he observes that the property represented a rare chance for a buyer to get into the market in a top-notch building.

Safai explains that concentrated ownership of the office buildings in Westwood and other Westside L.A. markets limits the opportunities for prospective buyers who are looking for office properties on the Westside. Weiss notes that the new owners bought the building at below replacement cost and that significant barriers to new office development will continue to limit overall Westside office inventory. "Class A office space is at a premium in Los Angeles' Westside. The office market is red-hot, and we are seeing record-breaking rents that still continue to climb," Weiss adds.

The Madison Partners team of Joe King and Steve Salas will be responsible for leasing at the building, which occupies a site along a recently broadened and newly landscaped stretch of Santa Monica Boulevard. The location is about a half-mile from the San Diego (I-405) and Santa Monica (I-10) freeways.