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| 11801 Mississippi Avenue, West Los Angeles, CA |
LOS ANGELES, June 26, 2014 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced the sale of 11801
Mississippi Ave., a 24,759-square-foot office property in West Los Angeles.
John
Ghiselli, a senior associate in Marcus & Millichap’s West Los Angeles
office, represented the purchaser, a group of entities affiliated with Archway
Holdings Corp. The seller is AIG.
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| John Ghiselli |
“Our
marketing campaign produced offers from people throughout the investment
community and resulted in an all-cash sale with a one-day escrow,” says
Ghiselli.
“This acquisition is part of Archway’s continued interest in
Southern California’s more creative office properties. Previously, the company
and its affiliated entities purchased 820 Broadway in Santa Monica, an office
property previously leased by Google and Coda and now leased by Dogvacay and a
division of WPP, one of the world’s largest advertising companies.”
“The Los
Angeles office market is well positioned,” stated Hessam Nadji, Marcus
& Millichap’s chief strategy officer. “It has benefited from steady
employment gains, but the very limited office development pipeline will be
instrumental in tightening vacancies in the coming year, particularly as the
local economy builds momentum.”
The
11801 Mississippi Ave. building was constructed in 1954 and totally renovated
in 2007. The area surrounding the property is becoming one of Los Angeles’s new
tech hubs in the wake of developments such as Element LA’s creative campus and
the Tribeca West media campus.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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