$16.8M Nets 168,000-SF Office Complex

WEST LOS ANGELES-Birtcher Properties of Newport Beach has acquired the 168,000-sf Atria West development from Weyerhaeuser Mortgage for approximately $16.8 million. Jones Lang LaSalle, which brokered the sale, now is marketing about 45,000 sf of the office property for lease.

Peter Best and Lisa St. John, both in Jones Lang LaSalle’s Downtown Los Angeles office, tell GlobeSt.com that the office development should be able to compete well in the West LA market because of its location, extra amenities and asking rates, which run from $2.55 per sf to $2.65 per sf per month, full-service gross.

Best and St. John are the leasing agents for the space, which is primarily in two buildings at 10585 Santa Monica Blvd. and 10635 Santa Monica Blvd. Tom Miller, Downtown Los Angeles-based managing director of the Jones Lang LaSalle Capital Markets Group, represented Tacoma, WA-based Weyerhaeuser in the sale, with Birtcher representing itself.

Most of the 64,400-sf building at 10585 Santa Monica Blvd. is leased to Warner/Chappell Music, with Rhino Records in 36,000 sf at the 100,000-sf building at 10635. The Rhino lease expires in August, when the record company is slated to move to the San Fernando Valley. The Jones Lang LaSalle brokers say the largest contiguous space available is 34,640 sf, with the building divisible down to 1,000-sf spaces.

Besides the two main buildings, the development includes about 4,000 sf in four bungalows that have been converted to offices. Built in 1992, the development offers good access to the 405 Freeway, says Best, who expects the new space available in the development will compete most directly with buildings in the Westwood and Century City markets.