Broadreach Buys $30M Office Property

The project was 48% leased at the close of the sale, which was brokered by Bob Safai of Madison Partners, who has been retained as leasing agent along with Mitchell Stokes of Madison Partners.

The renovations will focus on "a physical refurbishment of the asset's outdoor plaza and exterior building facades," Broadreach says. David Simon, managing director and head of Southern California operations for Broadreach, says that with the redevelopment, the company will target entertainment and media tenants. Simon cites a "significant opportunity to properly reposition this project within the West L.A. submarket, where high quality, flexible office space is often in short supply." Simon explains that the project's location appeals to a broad range of entertainment and media-related tenants that want to locate near groups like Sony, MTV and HBO who continue to grow in West L.A.Broadreach has enlisted the Hileman Co. to provide development and construction management services, HLW Architects to develop the new design, with Tiarna Real Estate Services to be the day-to-day on-site property manager.Broadreach Capital Partners LLC, which operates from locations in Palo Alto and Los Angeles, invests in western US commercial real estate through its $314-million real estate fund, BRCP Realty, LP I, which is managed by the former executive team of Spieker Properties Inc.