A Class-A Los Angeles office tower has fetched $50.5 million — and generated a 300% return for the seller. Last week, Los Angeles-based Younan Properties sold the 173,727 sq. ft. Sepulveda Center to KBS Realty. The 12-story glass high rise is only 2% vacant. CB Richard Ellis represented both the seller and the buyer on the transaction.
““Within our first six months of ownership, we increased Sepulveda Center’s occupancy from 78% to 95% and transformed the property into a modern Class-A building while managing our operating expenses 30% below the previous owner, Equity Office Properties Trust,” says Zaya Younan, chairman and CEO of Younan Properties, Inc.
“The time to exit the Los Angeles office market and enter a new, emerging market is excellent and we intend to capitalize on it.”