SANTA MONICA, CA – April 1, 2014 Trammell Crow Company, one of the nation’s leading developers and investors in commercial real estate, and Westport Capital Partners LLC, a real estate investment firm specializing in the opportunistic real estate arena, announce the sale of 3402 Pico, a 40,000 square foot William Pereira designed office building in Santa Monica, CA, to Hudson Pacific Capital Partners. The property had previously served as the headquarters for the National Academy of Recording Artists and Studios. Terms of the deal were not disclosed.
“This was a textbook acquisitions strategy on both ends – we acquired a property, worked hard with the community and the city to solve the real estate problems, and then transacted it to a local property owner who valued our solutions,” said Greg Ames, Managing Director with TCC’s Southern California – Los Angeles Business Unit.
A joint venture between Trammell Crow Company and certain affiliates of Westport Capital Partners LLC acquired the site in 2010, having recognized the inherent value of the vacant building and moved to reposition the property by adjusting the lot lines and non-conforming zoning to accommodate a technology tenant, and a targeted 5:1,000 parking plan.
The property marketing team included Jeff Pion, Vice Chairman, Blake Mirkin, Executive Vice President and Michelle Esquivel, Senior Vice President, of CBRE’s Los Angeles office.
About Westport Capital Partners LLC
Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients. Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA and Wilton, CT. For more information regarding Westport Capital Partners LLC, please visit http://www.westportcp.com/.
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in commercial real estate. The Company has developed or acquired nearly 2,600 buildings valued at nearly $60 billion and over 540 million square feet. As of December 31, 2013, Trammell Crow Company had over $4.9 billion of projects in process and $1.5 billion in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for its clients with professionals in 16 major cities throughout the United States. The company serves users of and investors in office, industrial, retail, healthcare, multi-family residential and mixed use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). For more information visit www.TrammellCrow.com.
