Westside Office Sales, Leases Total $11M

[IMGCAP(2)]In the sale of 2100 Sawtelle, T.C. Macker of Coldwell Banker Commercial Westmac reports that Evan's First LLC sold the property to 2100 Sawtelle Blvd LLC, which is composed of a group of 1031 Exchange buyers. The three-story garden-style office building was developed in 1978, renovated in 2008 and was approximately 65% occupied at time of sale. Mackerand Craig Newlands of Coldwell Banker Commercial Westmac represented the seller; Justin Altemus of the Altemus Co. represented the buyer.

[IMGCAP(3)]Macker points out that the seller "got a great price and sold it for more than they paid for it at the height of the market in 2007, a rarity today." Newlands describes the deal as "a great sale for the market, where few investments sales have occurred for like properties in all of 2009." He adds that the buyer "got a great location with plentiful amenities in the surrounding area at below replacement cost." The new owner plans to do some renovations to capture and cater to more "creative tenants," according to Newlands.

The two recently signed leases include a deal for 13,000 square feet at 10940 Wilshire Blvd. and a deal for 8,000 square feet at 10880 Wilshire, according to Madison Partners, which represented landlord Equity Office Properties in both leases. At 10940 Wilshire, the law firm of Reuben, Raucher and Blum signed a seven-year, $3.6 million lease for space on the 18th floor. Equity Office was represented internally by Andrew Goodman and by Madison Partners principals Hunt Barnett and Chris Houge along with directors Beau Rawi and Karly Nolen.

Built in 1989, 10940 Wilshire is a 24-story class A office building in the heart of Westwood with ocean and city views, close to the 405 and 10 freeways, UCLA, Santa Monica and Beverly Hills. Houge notes that the tenant relocated from "another building in our portfolio to a property that better suits their needs." Reuben, Raucher and Blum was represented by Jim Travers and Lee Polster of Travers Realty Corp./Oncor International.

In the 10880 Wilshire lease, the same team from Equity Office and Madison Partners arranged a long-term, $2 million lease renewal on behalf of Bergman and Dacey Inc. in the building, which is known as the Oppenheimer Tower. Built in 1970, the 25-story class A office building is within walking distance of Westwood Village and is close to the 405 Freeway. The tenant was represented by Mike Geller of First Property.