Jamison Adds 350,000 SF for $68M

Jamison bought the property from San Diego-based Southwest Value Partners in a transaction brokered by Kevin Shannon and Chris Sinfield of the Torrance office of Grubb & Ellis, which says this is believed to be the largest office building sale in the history of Torrance. Shannon and Sinfield represented both the buyer and the seller.

Del Amo Financial Center, located at 21515-21535 Hawthorne Blvd., consists of two office towers and four freestanding pavilion buildings. The property, which was built in 1966 and remodeled in 1998, was 70% leased at the time of sale. According to Shannon, the Del Amo Financial Center prospective buyers considered the property even more desirable than it otherwise might have been because the amenity base surrounding the office project is being improved considerably by a $160-million joint venture redevelopment of the Del Amo Fashion Center shopping mall by the Mills Corp and J.P. Morgan. In December of last year, J.P. Morgan Fleming bought a 50% interest in Del Amo Fashion Center from the Mills Corp for $445 million. The completion of the redevelopment, estimated for 2006 and 2007 will bring a lifestyle retail center exceeding 3.4 million sf next door to Del Amo Financial Center.

The acquisition of the Torrance property continues an expansion throughout Los Angeles County for Jamison, which began its office portfolio primarily as an owner of Mid-Wilshire buildings but has long since expanded into other L.A. County markets and outside of California as well. The company, founded by Dr. David Lee, owns well in excess of 12 million sf of L.A. County office space.