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WEST LOS ANGELES-South Bundy Office Co. LLC has acquired the 165,000-sf Cornerstone Plaza office building at the corner of South Bundy Drive and La Grange Avenue from Realty Center Management Inc. for $66 million. The eight-story class A property at 1990 Bundy Dr. includes three levels of underground parking.

The sale was brokered by a team including Peter Best, managing director with Jones Lang La Salle, which also has the leasing assignment for the property. Other members of the brokerage team representing the seller included Jay Borzi, Kevin Crummy and Stephen Somer of Eastdil Secured as well as principals Chris Houge and Rick Buckley of Madison Partners. The buyer was represented by LaSalle Investment Management.

The Cornerstone Plaza building is 91% occupied and, according to SVP Kristin Schneider of LaSalle Investment Management, the Westside market that the building is part of is expected to continue performing well. Schneider cites “healthy tenant demand from the media and entertainment sectors” as well as a tight Westside market.

A recent market report by Jones Lang LaSalle called the Westside submarket “one of the tightest markets in the region” with no virtually new construction, strong leasing and overall direct vacancy rates in single digits “with only a few large blocks of contiguous space available.” The report also observed that, given the lack of developable land and the difficulty in obtaining development entitlements, “the ability to add significant office inventory is unlikely.”

The L-shaped Cornerstone Plaza office tower was built in 1986 and was extensively renovated in 1999. Its major tenants include the Asian language television station KSCI, which occupies the entire top floor, along with Chapman Bird & Grey and Nadel Architects, the architectural firm that originally designed the building.

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