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SANTA MONICA, CA-Locally based Xemit Corp. has acquired the 86,000-sf Courtyard on Wilshire office development from local investor Ken West Associates for $35.5 million, according to Mark Perry of the Los Angeles Private Client Group of CB Richard Ellis. Perry and Carlene O’Neil, both based in CBRE’s Sherman Oaks office, brokered the sale on behalf of Ken West Associates. Perry tells GlobeSt.com that the five-building office project was originally developed by Mariani/Buss, a partnership including Los Angeles Lakers owner Jerry Buss and Lakers EVP Frank Mariani. The complex, which was 96% occupied at the time of the sale, drew 16 offers and represented “a rare opportunity to own an office project with a full block of frontage along Wilshire Boulevard in Santa Monica,” Perry says. The project is located at 1801 through 1831 Wilshire Blvd. The five buildings include four that are two stories each and one that is six stories with an underground parking structure. The original developers once occupied space in the six-story building, but they sold the property some time ago and have not maintained offices there for a number of years. The seller had owned the property since the late 1980s. Perry says the buyer sees upside in making improvements to the property, which is occupied by a variety of general office, professional and medical office tenants, including UCLA. Close to the Santa Monica and St. John’s Hospitals, it features amenities that include separate courtyard entrances for many of the tenants and a parking ratio of 4.1 spaces per 1,000 sf of office space.

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