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 previous owner, Equity Office Properties Trust,” said Zaya S. Younan, Chairman and CEO of Younan Properties
Los Angeles-based Younan Properties Inc. is a real estate investment group that specializes in acquiring class A office properties in high-growth markets throughout the United States.