LOS ANGELES—Watt Investment Partners haspurchased 3000 Robertson Blvd., a 107,000-square-foot value-addoffice property on the Westside, for $27 millionfrom Brown Family Trust. The property is a majorrenovation and repositioning opportunity with only 42% occupancyand a fantastic Robertson Blvd. location. The investor, whichalready owns on the Westside, says that it plans to give thebuilding an identity while offering a low-cost alternative topotential tenants.

"3000 Robertson presented the opportunity to make an investmentin a transit oriented location, in a growth market, at a lowbasis," Nadine Watt, president of Watt InvestmentPartners, and Jennifer McElyea, managing directorof Watt Investment Partners, tell GloebSt.com. "WIP has beenparticularly focused on properties that are downside protected byvirtue of pricing at a discount to average trades, with in-placeincome; that exhibit the potential to push rents through capitalimprovement programs and repositioning; and that are located alongLos Angeles' growing transit infrastructure."

Watt was able to purchase the circa 1986 building at asignificant discount to replacement cost, spending $251 per squarefoot when nearby properties in Culver City trade for $475 persquare foot. The investor did see competition for the deal, butrelied on its reputation to for competitive advantage. "The marketfor Westside office is very competitive. Given the lack of qualityproduct, auctions can become very crowded with buyers. Havingthe strength of the Watt brand and history in the market certainlyprovides a competitive advantage," says Watt and McElyea. "Beyondthat, we seek to differentiate ourselves by doing an exceptionalamount of up front diligence. Our goal is to set ourselves apartduring the buyer interview and give comfort to the seller that wehave done our homework on the building, stand behind our offernumber and most importantly, can perform as promised."

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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.