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LOS ANGELES—Harbor Associates just closed what my be the best deal in Century City. In a joint venture with Stockbridge Capital Group, the office investor purchased a 33,000-square-foot office building for $14.7 million, one of the lowest prices-per-square foot in the last 24 months. The distressed asset will get a full renovation and will bring creative style office space to the typically traditional, high-rise submarket.

“From a location standpoint, this is an A-plus. You are in the heart of Century City on a very highly trafficked street, right next to Fox Studios,” Joon Choi, a principal at Harbor Associates, tells GlobeSt.com. “We loved the location. In terms of the opportunity, we think that this is a great buying opportunity because the buyer was going through a situation where they needed to sell the asset. We were able to get it at a very compelling basis.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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