EverWest Sells Los Angeles Media Tech Center 2702, 2705, 2709 & 2710 Media Center Drive in Los Angeles, CA
February 18, 2015
EverWest together with their joint venture partner, Artemis Real Estate Partners, is pleased to announce the sale of Los Angeles Media Tech Center - 2702, 2705, 2709 & 2710 Media Center Drive (the "Property"), which comprise approximately 187,534 square feet in four buildings of the seven building 400,000 square foot development completed in 2001.
The project is strategically located between the Los Angeles, Pasadena, Tri City and San Fernando Valley central business districts which are accessible within minutes from the site.
Bob O'Neill, Managing Director, comments "We acquired the non-performing note on the buildings in 2012 from a special servicer, obtained fee title and managed the assets over the past 30 months. The timing was right for us to sell the project due to the strong investor demand for quality in-fill properties with creative office attributes. This enabled us to complete our business plan and generate a solid return for our investors."
Lyn Fields and Bob Safai, of Madison Partners, facilitated the transaction.