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by CareyBot

Younan Properties Inc. this week announced the sale of Sepulveda Center, a 173,727-square-foot office building in Los Angeles. The value of the transaction was $50.5 million. Newport Beach, Calif.-based KBS Realty purchased the 12-story building, which is located at 3415 Sepulveda Blvd. Built in 1982, the all-glass building was 98 percent occupied at the time of sale by major tenants that include JAMDAT Mobile and Freeman, Freeman & Smiley. Younan Properties had purchased the property in January 2004 for $27.5 million, according to a press statement. "Within our first six months of ownership, we increased Sepulveda Center's occupancy from 78 percent to 95 percent and transformed the property into a modern class A building while managing our operating expenses 30 percent below the p...