April 18, 2017 Comments Off on Blackstone’s Equity Office Divests Campus for $81M Views: 501 California News, Los Angeles

Blackstone’s Equity Office Divests Campus for $81M

Los Angeles Corporate Center, a four-building office campus located in Monterey Park, CA, reportedly sold for $81 million. Beverly Hills-based Omninet Capital, LLC acquired the 394,524-square-foot asset from Blackstone’s Equity Office.

The 95%-occupied property’s major tenants include the State of California, Los Angeles County, State Compensation Insurance Fund, Synermed and AT&T. The property is situated on 11.9 acres at 900, 1000, 1200, and 1255 Corporate Center Dr.

NGKF Capital Markets’ Sean Fulp, Kevin Shannon, Ken White and Brunson Howard represented the seller. The buyer was self-represented.

NGKF’s Fulp said, “It’s difficult to find larger investment opportunities within Los Angeles, and especially with the utility and functionality that Los Angeles Corporate Center provides. Having multiple buildings and a diverse tenant mix so close to Downtown LA is going to allow Omninet to be more flexible than many other property owners.”

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