The site contains 12,000 feet of recreation and outdoor workspace
By Dolores Quintana
The two-story building in Bel Air at 640 North Sepulveda Boulevard has been sold for $32.5 million as reported by Bisnow.com. It was purchased by the J. Paul Getty Trust, according to Commercial Observer, and the building sits directly across the street from the Getty Center Museum. The purchase price has doubled from the last recorded sale in 2016.
The building was built in 1987 and was renovated in 2019 at a cost of $3 million. The site contains 12,000 feet of recreation and outdoor workspace on the site which includes a basketball court, courtyard, fire pit, outdoor patio, pet area, and lounge area according to Bisnow.com.
At the time of the sale, 27% of the building was occupied. During the first three months of 2022, the submarket of West Los Angeles sat at 19% occupancy, which is very close to the average of the overall Los Angeles market of 19.2% according to Newmark.
Vectra Management Group was the seller of the property and they bought the property themselves in 2016 at a cost of $17 million. Vectra was represented by Newmark Private Capital Group Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler.
The J, Paul Getty Trust was represented by Newmark Executive Managing Director David Kluth and Managing Director Aliya Coher in the sale.