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LOS ANGELES-A private investment group has paid $16.2 million for a 68,788-sf class A office building in the Playa del Rey area, the latest sign that the Westside market is beginning to recover from its sluggish first half.

The building is Marina Tech Centre, at 5300 McConnell Ave. It was sold by Irvine-based Legacy Partners to Argus Realty Investors of San Juan Capistrano.

Investment and leasing activity on the Westside has perked up recently, after suffering a first-half slowdown triggered by the dot-com bust and weakening economy. The international law firm of Manatt, Phelps & Phillips earlier this month signed a $40-million lease renewal and expansion for nearly 200,000 sf at Trident Center in West LA. Meanwhile, a handful of construction projects have recently been started, and some big sales in the area are expected to be announced soon.

A Colliers Seeley International team of Michael Ross, Craig Meyer and Steve Solomon represented both parties in the sale of Marina Tech Centre. All three brokers work in Colliers International’s West Los Angeles office.

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