September 20, 2016
Madison Partners completed the sale of the 167,726-square-foot Tower at Sherman Oaks on behalf of Santa Monica-based Douglas Emmett to Los Angeles-headquartered Sandstone Properties for $56.7 million. Additionally, Madison Partners arranged acquisition and renovation financing totaling $48.1 with Loancore Capital on behalf of the new owner.
The 96% occupied, Class-A office property, with street level retail, is located in Sherman Oaks, CA. Originally constructed in 1966, the 14-story BOMA award-winning property is situated along Ventura Blvd., one of the San Fernando Valley’s busiest thoroughfares.
Sandstone plans to reposition the asset and distinguish it, in order to create a leading vertical creative campus in the marketplace.
Madison Partners’ Bob Safai, Matt Case, and Brad Schlaak represented the seller. Safai also represented the buyer. Safai and Case also guided the buyer to secure financing for the property.
For comments, questions or concerns, please contact Dennis Kaiser