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LOS ANGELES-Buyers from Northern California and Los Angeles have acquired a total of more than 200,000 sf of office space in two separate deals in Glendale and El Segundo totaling nearly $34 million, according to Grubb & Ellis and the Trammel Crow Co. The properties include a 96,000-sf building at 600 N. Brand in Glendale and a 120,000-sf building at 1700 E. Walnut Ave. in El Segundo. The buyers were TWS Realty Inc. and Embarcadero Capital Partners.In the Glendale deal, Jordan Richman and David Ghermezian of the West Los Angeles office of Grubb & Ellis report that Los Angeles-based TWS bought the property from Los Angeles-based Reading International for $21 million. The seven-story, glass and steel tower, which was built in 1976, was 100% leased at the time of sale, includes a 129,000-sf parking structure that was part of the deal. Richman and Ghermezian represented the buyer, with Reading representing itself. Reading International, which is primarily a movie cinema owner and operator, says that the office building was its last remaining non-entertainment oriented property and so was disposed of as a non-core asset. The company says it has lined up a 1031 exchange for the Glendale property in which it is under contract to acquire the Cinemas 1, 2 & 3 in New York for $12.2 million. Reading operates a multiplex at the New York property, which is one of 47 cinemas comprising 319 screens that the company operates in the US, Australia, New Zealand and Puerto Rico. It also develops, owns and operates retail and commercial real estate in Australia, New Zealand and the US. “We consider ourselves to be essentially a cinema exhibition operating company with a strong real estate emphasis,” the company says in its latest 10K report. In the El Segundo deal, Craig Meyer and Steve Solomon of Trammell Crow report that Embarcadero Capital Partners acquired the 120,000-sf class A building from Kearny Real Estate Co./Morgan Stanley Real Estate Funds. Meyer and Solomon represented Embarcadero, which has purchased five other properties in Los Angeles County in the past two years. The six-story building was completed in 1986 and was 74% occupied at the time of the sale. Meyer calls the deal “an excellent opportunity” for the buyer because the class A building is situated in “a great Southern California suburban area near popular beach communities.” The market fundamentals in north El Segundo are poised for significant improvement over the next two years, Meyer says. Sam Hooker, acquisitions director for Embarcadero, says the company was attracted by “the combination of an attractive institutional quality asset and a strengthening market,” as well as its proximity to the 105 Freeway and its flexible floor-plates.

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