Major portfolio of L.A. office space goes on the market.THE architecturally significant Oviatt and Fine Arts office buildings in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or are included in a portfolio for sale that could fetch as much as $225 million. Blue Real Estate, a Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. real estate investment firm, has listed a 13-property portfolio that cumulatively contains 820,000 square feet worth of office building space. The properties, on average more than 90 percent leased, are located in markets ranging from downtown Los Angeles to Long Beach and from Beverly Hills to Pasadena. The portfolio marks the first time Blue Real Estate has sold assets since founder Jim Reis opened the firm's doors more than 30 years ago. "It's a prime time to sell," said Bob Safai, a principal with Madison Partners, the brokerage marketing the portfolio. "They are taking advantage of a solid real estate market." Blue Real Estate manages properties on behalf of individual investors the firm recruits for specific deals. Desirable income-producing properties such as apartment and office buildings are typically too expensive for individual investors. In order to buy the properties, "syndicators" like Blue Real Estate, create a multiple ownership arrangement. The properties for sale include: * The Oviatt Building, a 107,000-square-foot structure at 617 S. Olive Street that is on the state and city registers of historic places. * The Fine Arts Building The Fine Arts Building may refer to:
* In downtown Long Beach, The L'Opera Building, a 69,000-square-foot building at 115 Pine Ave., and the City Centre Building, a 70,000-square-foot structure at 200 Pine Ave. * A 42,500-square-foot Beverly Hills office building at 400 S. Beverly Drive Beverly Drive is a northwest/southwest major street in Beverly Hills and Los Angeles. The southern end of Beverly Drive is at the intersection of Beverly Drive and Harlow Avenue, a small street south of National Blvd. and north of the Santa Monica Freeway. that includes parking beneath the building and a separate parking lot at 405 S. Beverly Drive. * In Pasadena's revitalized re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. Old Town, a 106,000-square-foot office building at 234 E. Colorado Blvd. and the 49,000-square-foot Braley Building at 35 S. Raymond Ave. * In Burbank, the Toluca Lake Medical Building at 3808 Riverside Drive A number of cities around the world have a Riverside Drive. In the United States:
* A half retail and half garden-style office building at 17057-17071 Ventura Blvd. in Encino. * A single-story building at 5000 Overland o·ver·land adj. Accomplished, traversing, or passing over the land instead of the ocean: an overland journey; an overland route. adv. Ave. in Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. and a two-story office building at 522 Sepulveda Blvd. in Brentwood. * And in Fresno, the 151,000-square-foot Guarantee Financial Plaza at 1310-1330 E. Shaw Ave. Staff reporter Andy Fixmer can be reached by phone at (323) 549-5225, ext. 263, or by e-mail at afixmer@labusinessjournal.com. |
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