Maguire Properties Agrees to Acquire Office Campus in Santa Monica

Los Angeles-based Maguire Properties Inc., a real estate investment trust, entered into an agreement with Hines U.S. Office Development Fund to acquire the Lantana Entertainment Media Campus in Santa Monica, California. The purchase price is $136.8 million, which will be funded with cash on hand and financing. The acquisition is expected to close in December.

The Lantana Entertainment Media Campus is a 12-acre site comprised of three low-rise office and studio production office buildings totaling 331,926 sq. ft. The project is currently 93-percent leased to such tenants as Revolution Studios, IMAX and Todd-AO Studios. The campus features private patios, extensive open spaces and attractive amenities. The site is entitled for an additional 195,000 sq. ft.

"Given the nearly impossible barriers to entry in Santa Monica, the entitlements included in this project present an exciting development opportunity. Santa Monica is the preferred location for the entertainment/media industry and is easily accessible to all major studio lots and close to exclusive Westside residential communities," said Robert F. Maguire III, chairman and co-chief executive officer of Maguire Properties. "

Maguire Properties Inc. is the largest owner and operator of Class A office properties in the Los Angeles central business district.

Younan Properties Sells New Park Executive Center for $8 Million

Younan Properties Inc., a privately held commercial real estate investment firm, has sold New Park Executive Center -- a 59,000-sq.-ft., Class "B" office building in Newark. Younan Properties purchased the building 15 months ago from Regis Realty for $5 million.

"We were able to increase occupancy from 20 percent to 75 percent and reduce operating expenses from $9.10 to $5.35 in the 15-month holding period," said Zaya S. Younan, Younan Properties' chairman and CEO. "This disposition is part of our plan to sell our non-core small office properties and replace them with larger Class "A" buildings in growing metropolitan office submarkets."

Younan Properties represented itself in the transaction. Joe Lanyadoo of Union Square Realty and Steve Shain of Arroyo & Coates represented the buyer, Litke Properties Inc.

Based in Woodland Hills, Younan Properties Inc. is a real estate investment and operating company specializing in acquiring office properties throughout the United States. Since its inception in January 2002, Younan Properties has acquired about 40 properties.