LOS ANGELES-In a transaction that dramatically illustrates the escalation of Westside commercial property values, Newport Beach-based Crown Realty & Development has paid nearly $50 million for the 330,000-sf, four-building Wateridge Park office development on Goldleaf Circle, near Slauson Avenue and La Cienega Boulevard in the suburb of Culver City.

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

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

Vacancies have been plunging and sale prices rising in Culver City and adjacent areas, as rents and offering prices soar in the more glamorous markets of nearby Santa Monica and Century City, Bibeau says. The vacancy factor in Culver City and the rest of the submarket that Bibeau calls the “lower Westside” has dropped below 3%, the broker adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.