Marcus & Millichap Brokered Archway Holdings Corp. Related Entities Purchase of L.A. Office Building in All-Cash Transaction in One-Day Escrow
LOS ANGELES--(BUSINESS WIRE)-- Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 11801 Mississippi Ave., a 24,759-square-foot office property in West Los Angeles.
John Ghiselli, a senior associate in Marcus & Millichap’s West Los Angeles office, represented the purchaser, a group of entities affiliated with Archway Holdings Corp. The seller is AIG.
“Our marketing campaign produced offers from people throughout the investment community and resulted in an all-cash sale with a one-day escrow,” says Ghiselli. “This acquisition is part of Archway’s continued interest in Southern California’s more creative office properties. Previously, the company and its affiliated entities purchased 820 Broadway in Santa Monica, an office property previously leased by Google and Coda and now leased by Dogvacay and a division of WPP, one of the world’s largest advertising companies.”
“The Los Angeles office market is well positioned,” stated Hessam Nadji, Marcus & Millichap’s chief strategy officer. “It has benefited from steady employment gains, but the very limited office development pipeline will be instrumental in tightening vacancies in the coming year, particularly as the local economy builds momentum.”
The 11801 Mississippi Ave. building was constructed in 1954 and totally renovated in 2007. The area surrounding the property is becoming one of Los Angeles’s new tech hubs in the wake of developments such as Element LA’s creative campus and the Tribeca West media campus.
About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
Marcus & Millichap
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Gina Relva, 925-953-1716
Source: Marcus & Millichap
Released June 26, 2014