The acquisition of iconic Westside building (also known as the “TrueCar Tower”) marks the sixth Los Angeles area office property acquired by The Swig Company over the past five years.
Los Angeles, CA (September 7, 2016) – The Swig Company, a San Francisco-based real estate investment firm with a long history of owning and operating institutional-quality buildings, has acquired Sepulveda Center, one of the Westside’s most prominent Class A office buildings.
Located immediately adjacent to the 405 Freeway near its intersection with the 10 Freeway, Sepulveda Center is a
12-story Class A office tower with approximately 180,000 square feet of high-quality office space and parking for 455 cars in a three-level garage and subterranean lot. The building’s size and position next to the Westside’s two major commute arteries, with an estimated 1.2 million cars passing it daily, give it unparalleled visibility. Sepulveda Center’s excellent central Westside location and ease of freeway access make it an ideal choice for growing creative companies looking to attract and retain talent seeking an easier commute.
“This is an opportunity to own and add value to a high quality building at the center of the expanding Westside business community and close to Playa Vista, Culver City, the Wilshire Corridor, Westwood and Century City, but with occupancy costs that are significantly lower than these other markets,” said Tomas Schoenberg, Executive Vice President of Investments for The Swig Company. “Sepulveda Center’s convenient location, ease of access to major freeways and public transit, unobstructed outlooks, ample parking and efficient floor plates also add to its appeal as a compelling business location.”
The building sits close to both the Sepulveda and Palms stations of the new Metro Expo line, and is within a few miles of Silicon Beach, home to more than 2,000 companies including high profile employers such as Google, Yahoo! and Sony as well as a new generation of start-ups and one of the LA market’s most vigorous leasing markets.
“This acquisition represents yet another strategic addition to our Los Angeles portfolio which includes Bristol 61 in Culver City as well as major assets in downtown LA and Pasadena,” said Cory Kristoff, Senior Vice President and Southern California Regional Manager for The Swig Company. “As we have done with most of our other assets, we plan to make enhancements to the property that we believe will elevate the building’s position within the market and make it attractive to a broad range of tenants, including creative users such as entertainment, media/digital and advertising companies as well as the firms servicing these types of occupiers,” she added.
Terms of the transaction were not disclosed. The seller was Newport Beach, Calif.-based institutional advisor KBS, on behalf of a separate account client. Andrew Harper, Ryan Gallagher, Michael Leggett, and Tim Geiman of HFF brokered the transaction on behalf of the seller. Tony Ratner and Quinn Arntsen of the law firm Farella Braun + Martel represented the buyers in the transaction.
The HFF Capital Markets team of Bruce Ganong, Jeff Sause, and Brad Greenway helped arrange acquisition financing from MetLife on behalf of The Swig Company.
The CBRE leasing team led by Bryan Dunne, which is currently handling leasing for Sepulveda Center will be retained to represent the new owners. The Swig Company’s regional management team in Southern California, led by Ms. Kristoff, will handle day-to-day operation of the building.
About The Swig Company
The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with an 80 year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin H. Swig in 1936, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management, and leasing expertise, uses flexibility, generational thinking and sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit www.swigco.com.