LOS ANGELES—West Washington Properties has solda 12-story, 186,000-square-foot creative officebuilding to an unnamed private investor for $19 million. Located at155 W. Washington Blvd. in Downtown Los Angeles, the property is97% leased to a mix of more than 50 creative tenants.

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“This is the seller's only asset in Downtown Los Angeles, andone of the few they have in L.A. County. He had other projects andnew buildings that he was acquiring that he wanted to move themoney to,” John Anthony, senior managing directorat Charles Dunn Co., tells GlobeSt.com. Anthonyrepresented the sellers in the transaction along with his CharlesDunn colleague Christopher Steck. EmilGolub of Fortune Investments representedthe buyer.

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The sale attracted strong interest from private investors, whowere looking to use the property either as an office property or asa residential conversion project. “In the short term, the buyer isusing it as a straight office, but in the long term, it is keepingthe option open for residential conversion downthe road,” says Anthony. The sales team received approximately 12offers from private investors. This buyer was the second buyer toenter into escrow on the property. “The first buyer didn't perform,and the seller chose not to give them any extra time,” Anthonyexplains.

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Although demand is growing for creative office space in thedowntown market, this property is not the typical creative officeproperty because it caters “to small users, not necessarily the bigbox, or major entertainment companies that are moving downtown,”says Anthony; adding, “in a sense, the property is similar to aPacMutual Building, but most of the creative officeusers in downtown are going after bigger office users. Being justsouth of the 10 freeway, it is out of the central business districtand more of an economic option for those creative companies.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.