Nathan Pellow-Led Team Closes Sale of Three-Story Building for Top-of-Market Price of $810 PSF
After receiving multiple offers, a team of brokers from Colliers International recently negotiated a record $10.05 million sale of a modern three-story “jewel box” office building in the heart of tony Larchmont Village near the upscale Los Angeles neighborhood of Hancock Park. The sale price set a record for the Hollywood, Silver Lake, and West Hollywood office submarkets for the last 12 months for an office building up to 20,000 square feet in size.
Led by Executive Vice President Nathan Pellow, the downtown Los Angeles-based Colliers team, comprised of Senior Vice President Michael Weiner and Associate Nick Nybakken, negotiated a “top-of-market” price of $810 per-square-foot for the 12,400-square-foot building. It had been on the market for just more than 30 days prior to the sale. The buying entity was 324 N. Larchmont LLC, represented by John D. Repstad, senior director at Realty Advisory Group Inc.
Built and owned by two generations of the Cerrell family and occupied since 1989 by Cerrell Associates Inc., a well-known boutique public relations firm specializing in political and social campaign management, community engagement, and issues involving corporate and social responsibility, the architecturally striking building is located at 320 N. Larchmont Blvd. Cerrell will continue to occupy a portion of the building as part of a short-term sale-leaseback agreement.
Cerrell LLC Managing Member Steve Bullock praised the Pellow-led team, adding, “This team of Colliers brokers were instrumental in fully exposing the property to the market and for negotiating the price point we were seeking. We also were fortunate to have had such a diligent team partnering with us to accomplish our goals. They are true professionals and made the sales process simple.”
Pellow, whose teams have built a reputation for negotiating some of the city’s landmark office sales and lease transactions, added, “We were fortunate to have had an exceptional client in Cerrell and to bring this Jewell Box building to market when we did. The market is super hot right now and timing is everything. We were able to select the most qualified buyer from the multiple offers we received, allowing us to close escrow in record time. Our track record in this area of Los Angeles speaks for itself.”
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers and LinkedIn.