LOS ANGELES—The joint venture between Canyon CatalystFund and Pacshore Partners has purchasedtwo value-add creative office buildings in LosAngeles, one in Playa Vista and the other in Malibu. The twoproperties total 72,017 square feet, and were purchased for $36million. Both buildings were vacant at the time of purchase.

Located at 12901 Jefferson Blvd., the Playa Vista officeproperty is 39,600 square feet and will be marketed to asingle-tenant user. The property is near the joint venture'sfirst purchase together, 5340 Alla Road, and was astrategic move to grow its portfolio in the area. “That market hasalready proven itself; creative office is there to stay,”Andrew Jennison of IndustryPartners, who represented the buyer and seller in bothtransactions, along with Industry Partners' Travis Landrum and JimJacobsen, tells GlobeSt.com. “This particular opportunity is greatbecause there is not available to users who want to have their ownbuilding.”

The joint venture plans to renovate the building so that it cancompete in the creative office market. “They plan to grow thebuilding by adding mezzanine space,” explains Jennison. “By addingsquare footage and because it is a stand alone building, it will beattractive in the marketplace because there is not really any ofthose available at the moment for lease at that size.” The propertywas previously occupied by Sony andHydraulix, a visual film effects company. IndustryPartners will handle the releasing of the property once renovationsare complete.