Simon

WEST LOS ANGELES-Broadreach Capital Partners of Palo Alto, CA has sold its 151,029-square-foot Tribeca West office complex to Santa Monica-based Ocean West Capital Partners for $58 million. The property is a class A campus at 12233 Olympic Blvd. that Broadreach acquired in 2005 when it was 48% occupied and then filled to 100% occupancy within 18 months.

Broadreach managing director David Simon said that the company's business plan involved repositioning the campus, which is on 2.65 acres, to "meet the post-production and creative needs of leading entertainment and media companies." The renovations included total redesign of the asset's outdoor plaza and exterior building facades.

Occupancy at Tribeca West has remained at 100% since the repositioning. Its tenants include Disney, HBO and NBC Studios. “Given the current market conditions, the timing was right to monetize the investment on behalf of our investors,” Simon said.

Tribeca West generated a tremendous amount of interest from a variety of buyers as soon as it went on the market in October 2010, according to Bob Safai of Madison Partners, who represented Broadreach in the transaction.

Tribeca West

Ocean West Capital Partners invests in commercial office and multifamily properties in California. The Santa Monica-based firm represented itself in the transaction.

West Los Angeles is a submarket within the overall Westside Los Angeles office market, which includes about a dozen submarkets and totals about 48 million square feet, depending upon which brokerage's figures are used. The overall vacancy within the West Los Angeles submarket was 15.9% in the fourth quarter, according to a report from CB Richard Ellis. That compares with an overall vacancy of 18% in the Greater Los Angeles office market, which totals more than 214 million square feet―including Ventura County, according to the CBRE report.