October 14, 2020
Silicon Valley-based Nome Ventures acquired Pacific Gateway, a recently renovated, 10-story office tower in Los Angeles for $55.5 million, reportedly from Blackstone. Located at 1919 S. Vermont Ave., the 237,145-square-foot tower was built in 1981 and completely renovated in 2019.
The property sits within the South Bay’s 190th Street office submarket and is 84% leased to such tenants as Optum Care (formerly DaVita Medical Group), Kumon, Farmers Insurance Federal Credit and Ogletree Deakins.
NKF’s Kevin Shannon, Bill Bloodgood, Ken White, Scott Schumacher and Aly Chelf represented the seller. The buyer was self-represented.
Shannon says, “The 190th Street Market has experienced tremendous leasing momentum and rental growth and has seen significant redevelopment of several prominent assets including the adjacent approximate 20,000-square-foot retail center, The Enclave, currently under construction by The Ruth Group.”
CBRE’s Greg Grant arranged $39.3 million in acquisition financing, with support from CBRE’s Mike Longo, Todd Tydlaska and Sean Sullivan.
Grant says, “Nome Venture’s acquisition of Pacific Gateway signalizes their confidence in strategically located, Class A product in fundamentally sound markets.”
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