Monday, December 3, 2012

Avison Young completes $14.35-million sale of trophy office building in Los Angeles

8201 Beverly Blvd., Los Angeles, CA
 Los Angeles, CA – Avison Young, Canada’s largest independently-owned commercial real estate services company, has completed the $14.35-million sale of a six-story, 38,667-square-foot office building located at 8201 Beverly Blvd. in Los Angeles.

 The trophy-class building is fully occupied by Aptium Oncology Inc., a subsidiary of AstraZeneca, a global, innovation-driven, integrated biopharmaceutical company.

 Martin McDermott, Principal with Avison Young in the company’s West Los Angeles office, represented the seller, Aptium Oncology Inc. The buyer, Beverly Quest LLC, was represented by Steven Rayan of South Park Group.

Martin McDermott
 “Los Angeles is in short supply of quality mid-sized office buildings suitable for today’s high-profile companies,” comments McDermott.

 “We achieved a price-per-square-foot above the local office market by emphasizing the strong design attributes, the quality of property condition, and abundance of parking. In fact, we find that an office property’s parking offering has become one of the top drivers of value and is one of the first areas an owner looks to invest capital to improve.”

Steven Ravan
According to McDermott, the property received multiple offers within weeks of hitting the market and was in escrow within a month of the offering. The property received a high per-square-foot (psf) sales comparison for the area and product type, which tends to be in the $275- to $325-psf range.

 Originally built in 1964 and then redeveloped in 1990 by Thom Mayne, one of the world's leading architects, the property won two American Institute of Architects awards in 1991.

Thom Mayne
 Mayne used pre-LEED design elements to reduce the heat load on the property with special glazing on the windows and a granite south-facing façade. Mayne also accentuated the views from the property, which have unimpeded Downtown Los Angeles, Century City and Hollywood Hills views with floor-to-ceiling glass windows and high ceilings.

The property is well-located near the major cross street of La Jolla, in-between the Grove and the Beverly Center and adjacent to Beverly Hills and West Hollywood.     

 “We enjoyed the stewardship of this important Thom Mayne-designed building for 16 years and wish the buyer continued success with the property,” says Ian Brimicombe, MD Group Head of Tax and Treasury Group Finance for AstraZeneca.


Darcie Giacchetto
D.G. Communications, Inc.

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