Westside: Santa Monica, Century City, Beverly Hills Stoke Hot SubmarketREAL ESTATE QUARTERLY Monday, July 22, 2013
“The second quarter showed incredibly robust activity, a combination of investors looking at the Westside as undervalued and a sense that the leasing market is on the cusp of a significant recovery,” said Bob Safai, a partner at Madison Partners. “The lack of product in the marketplace translated into a lot of attention being paid to the assets that were being marketed.”
Case in point: 150 and 151 El Camino Drive in Beverly Hills. The 119,500-square-foot former home of William Morris Endeavor sold for a whopping $66 million in June. Santa Monica and West Los Angeles each also saw two investment deals.
Looking ahead, Hwang expects further improvements across the seaside submarket.
“While the private sector will add jobs at a tempered rate, the public sector will continue to be taxed with cuts and layoffs,” she said. “But overall, market conditions are continuing to improve, thus affecting leasing and investments. Construction in both residential and commercial is starting to pick up and the economy is slowly continuing its uptick.”
– Margot Carmichael Lester
Netflix Inc. renewed and expanded to 32,300 square feet at 335 N. Maple Drive in Beverly Hills for undisclosed terms.
At 3101-3242 La Cienega Blvd. in Culver City, Photogenics Media took 3,219 square feet valued at $1.1 million and Philadelphia-based Sparks Marketing Group inked a three-year lease for 2,579 square feet valued at $526,000.
NFL Networks extended and expanded to 150,000 square feet at 10912 Washington Blvd. in Culver City.
Two Santa Monica properties changed hands: a 52,700-square-foot building at 2825 Santa Monica Blvd. sold for $27.5 million and a 7,500-square-foot structures at 1448 Lincoln Blvd. and 1447 Seventh St. sold for $5.3 million.
An 89,000-square-foot building at 12555 Jefferson Blvd. in West Los Angeles traded for $27 million.
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