J. Paul Getty Trust Buys Bel Air Office Property For $32.5M
A two-story Bel Air office building at 640 North Sepulveda Blvd. sold for $32.5M, nearly double its purchase price at its last trade in 2016.
The buyer of the 45K SF property was J. Paul Getty Trust, Commercial Observer reported. The building is right across the 405 from the Getty Center museum.
640 North Sepulveda was built in 1987 but underwent a $3M renovation in 2019. It features 12K SF of outdoor work and recreation space, including a courtyard, outdoor patio, basketball court, pet area, fire pit and lounge area.
The building was 27% occupied at the time of sale. Vacancy in the West LA submarket was 19% in the first three months of this year — roughly the same as the LA-area average of 19.2%, according to Newmark.
The seller was Vectra Management Group, which bought the property in 2016 for $17M. Newmark Private Capital Group Vice Chairman Sean Fulp and Managing Directors Ryan Plummer and Mark Schuessler represented the seller.
Newmark Executive Managing Director David Kluth and Managing Director Aliya Coher represented the buyer.