November Posts the Largest LA Commercial Deals of the Fall Season

Despite rising interest rates, both office and retail sales have seen some of the biggest deals of the season in November. Heitman acquired the five-building Campus at Playa Vista for over $320 million, easily the largest office deal of the fall at almost $1,000 per square-foot. Playa Vista has seen quite a lot of office construction in recent years and is a budding tech hub, drawing companies like Fullscreen and YouTube. At 325,000 square feet, this is Heitman’s second SoCal property. They’ve owned the 600,000-square-foot 10100 Santa Monica in Century City since 2001.

On the retail front, LVMH continues to increase its Beverly Hills footprint with the purchase of The Paley Center for $80 million. At a price of over $3,000 per square-foot, it’s almost double what it traded for just four years ago. Earlier this year, LVMH purchased 456 North Rodeo Drive for $110 million. Beverly Hills remains the Mecca of opulence in the U.S. and continues to be popular even as other markets show signs of cooling.

Patrick McGregor

Patrick McGregor

Patrick McGregor is a senior writer covering the real estate industry and overall economic trends in the United States for several Yardi product publications. He also holds an MBA from Thunderbird School of Global Management. Patrick was previously a commercial real estate analyst at Yardi Matrix for five years. His work has appeared in the New York Times, Bisnow, GlobeSt, The Real Deal, Business Insider, The Denver Post, The Motley Fool, and more.