The Westside office of Colliers Seeley represented Crown and thesellers, Legacy Partners Commercial, Irvine, and a real estate fundmanaged by Goldman Sachs & Co. The owners had paid $28 millionin 1997 for the 21-acre business campus, which is 98% occupied.

Partners Realty Capital arranged the financing for thejust-completed transaction. Crown plans to add a five-story,180,000-sf office building, with completion scheduled in about ayear, says Colliers Seeley broker John Bibeau. The project has roomfor another 90,000-sf building, he adds.

Vacancies have been plunging and sale prices rising in CulverCity and adjacent areas, as rents and offering prices soar in themore glamorous markets of nearby Santa Monica and Century City,Bibeau says. The vacancy factor in Culver City and the rest of thesubmarket that Bibeau calls the "lower Westside" has dropped below3%, the broker adds.