{"id":5667,"date":"2017-02-22T14:51:23","date_gmt":"2017-02-22T14:51:23","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=5667"},"modified":"2026-04-02T08:54:29","modified_gmt":"2026-04-02T05:54:29","slug":"la-county-office-report-total-sales-volume-hits-10-year-high","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/la-county-office-report-total-sales-volume-hits-10-year-high\/","title":{"rendered":"LA County Office Report &#8211; Sales Volume Hits 10-Year High in 2016"},"content":{"rendered":"<h4>Executive summary:<\/h4>\n<ul>\n<li><a href=\"#totalsalesvolume\">Year-over-year sales volume\u00a0climbed to a 10-year high ($9.6B)<\/a><\/li>\n<li><a href=\"#pricepersqft\">The average price per square foot reached a 5-year peak<\/a><\/li>\n<li><a href=\"#mostactive\">Blackstone, Douglas Emmett: most active players on the market<\/a><\/li>\n<li><a href=\"#largestsale\">Largest sale of the year: Douglas Emmett, QIA snag 4-building portfolio for $1.3B<\/a><\/li>\n<\/ul>\n<p>For the Los Angeles office\u00a0real estate market, 2016 was the most active year\u00a0of the past decade.\u00a0Solid job gains are driving demand across all asset classes, as L.A. County unemployment dropped to 4.7% in December 2016, its lowest post-recession rate. High demand and <a href=\"https:\/\/www.commercialcafe.com\/blog\/top-10-la-office-market-highlights-2016\/\" target=\"_blank\" rel=\"noopener noreferrer\">increased leasing activity<\/a>\u00a0in the region\u00a0are driving prices upward, which in turn attracts investor interest and propels\u00a0office sales activity. As a result, L.A.&#8217;s office market reached new heights in 2016&#8211;the highest\u00a0in the last 10 years.<\/p>\n<p>Our study analyzed commercial office transactions of more than $5 million for office buildings of over 50,000 square feet, from 2012 to 2016, based on Yardi Research Data sales.<\/p>\n<h2 id=\"totalsalesvolume\">Y-o-Y Sales Volume Climbs to\u00a010-Year High, Reaches $9.6B<\/h2>\n<p>A total of 88 office deals closed in L.A. County last year for $9.6 billion\u2014a new 10-year record\u00a0and nearly double the previous year\u2019s level. After experiencing a slight cool-off in 2015, the market bounced back strong in 2016, and office investment reached new highs\u201448% higher than in 2014. Nearly 20 million square feet of office space changed hands in 2016, a 25% increase year-over-year. By comparison, a total of 107 properties totaling roughly 16 million square feet traded in 2015.<\/p>\n<div class=\"infogram-embed\" data-id=\"sales_volume_vs_total_square_footage___los_angeles_county\" data-type=\"interactive\" data-title=\"Sales Volume vs. Total Square Footage - Los Angeles County\"><\/div>\n<div class=\"infogram-embed\" data-id=\"los_angeles_county___monthly_sales_volume_2016\" data-type=\"interactive\" data-title=\"Los Angeles County - Monthly Sales Volume 2016\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t),d=o[0],a=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=a+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var r=e.createElement(t);r.async=1,r.id=n,r.src=s,d.parentNode.insertBefore(r,d)}}(document,\"script\",\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"pricepersqft\">Average Price per Square Foot Hits\u00a0Highest Level in 5 Years<\/h2>\n<p>Fueled by strong job growth and intense leasing activity, Los Angeles has become an increasingly attractive destination for office investment over the years, with occupancy rates climbing to 89.3% in Q4 2016,\u00a0<a href=\"https:\/\/socialnet.naiglobal.com\/research_manager_publications\/000\/001\/099\/original\/LA_Office_Outlook_4Q16.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">the highest level since 2008<\/a>. As demand continues to rise, driven largely by <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2017-02-14\/netflix-amazon-fuel-l-a-office-demand-as-streaming-flourishes\" target=\"_blank\" rel=\"noopener noreferrer\">media and entertainment companies<\/a>, so do the prices: the average price per square foot for office assets sold in the county reached $430 in 2016\u2014a 39% increase year-over-year and more than twice the amount recorded in 2012 or 2014.<\/p>\n<p>The highest per-square-foot price recorded in 2016 was also the highest ever paid in Santa Monica:\u00a02700 Colorado Ave.\u00a0was acquired by software giant\u00a0Oracle in November for $368 million. After experiencing a slowdown\u00a0in activity following the recession, and losing many tenants\u00a0to Playa Vista&#8217;s increasingly popular tech scene, Santa Monica&#8217;s office market seems to be in recovery mode. More and more startups and media companies are signing leases in the area, including Oracle, AwesomenessTV, Hulu and Beachbody, according to <a href=\"https:\/\/therealdeal.com\/la\/issues_articles\/santa-monicas-second-act\/\" target=\"_blank\" rel=\"noopener noreferrer\"><em>TheRealDeal<\/em><\/a>. Notable office projects in the works include the 326,000-square-foot Plaza at Santa Monica, the 191,982-square-foot Santa Monica Gateway, and Clarion Partners&#8217; 222,200-square-foot Pen Factory adaptive reuse project, as per Yardi Research Data. The market is poised to further gain momentum in the upcoming years, now that L.A. County Metro&#8217;s new <a href=\"https:\/\/www.metro.net\/projects\/expo-santa-monica\/\" target=\"_blank\" rel=\"noopener noreferrer\">Expo Line<\/a> connecting Santa Monica and Downtown Los Angeles is operational.<\/p>\n<div class=\"infogram-embed\" data-id=\"los_angeles_county___average_price_per_square_foot\" data-type=\"interactive\" data-title=\"Los Angeles County - Average Price per Square Foot\"><\/div>\n<p><script>!function(e,t,n,s){var i=\"InfogramEmbeds\",o=e.getElementsByTagName(t),d=o[0],a=\/^http:\/.test(e.location)?\"http:\":\"https:\";if(\/^\\\/{2}\/.test(s)&&(s=a+s),window[i]&&window[i].initialized)window[i].process&&window[i].process();else if(!e.getElementById(n)){var r=e.createElement(t);r.async=1,r.id=n,r.src=s,d.parentNode.insertBefore(r,d)}}(document,\"script\",\"infogram-async\",\"\/\/e.infogr.am\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2 id=\"mostactive\">Blackstone, Douglas Emmett: Most Active Players on the Market<\/h2>\n<p>The most active buyer of the past year was a\u00a0joint venture between Douglas Emmett and the Qatar Investment Authority (QIA), which closed two major transactions for a total of over\u00a0$1.5 billion\u2014the $1.3 billion acquisition of 10880, 10940 and 10960 Wilshire Blvd. and 1100 Glendon Ave., and the $225 million purchase of <a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ca\/los-angeles\/12100-wilshire\/\" target=\"_blank\" rel=\"noopener\">12100 Wilshire Blvd.<\/a> Douglas Emmett also ventured on its own on Wilshire Boulevard in 2016, paying $140 million for 233 Wilshire Blvd. in September.<\/p>\n<p>Nevertheless, Blackstone was the most active player buying and selling on the market in 2016, cashing in $2.3 billion on 7 properties in Los Angeles and Santa Monica, and an additional $91 million on three properties sold through affiliate Equity Office Properties Trust. Blackstone\u00a0also closed one acquisition in 2016, shelling out\u00a0$583 million for the Howard Hughes Center in Los Angeles in November. The company\u00a0was also the one that cashed in $1.3 billion on the Wilshire Boulevard and Glendon Avenue portfolio sale to Douglas Emmett and QIA (the largest deal of the year), which included some of the final remnants of its $39 billion buyout of Equity Office Properties Trust in 2007, according to <em><a href=\"https:\/\/www.wsj.com\/articles\/blackstone-in-talks-to-sell-four-los-angeles-office-towers-1448398530\">The Wall Street Journal.<\/a><\/em><\/p>\n<h2 id=\"largestsale\">Largest Sale of the Year \u2013 Douglas Emmett, QIA Join Forces on $1.3B Deal<\/h2>\n<p>The largest office sale of the year closed in the spring, when Santa Monica-based REIT Douglas Emmett partnered with the Qatar Investment Authority (QIA) on the acquisition of a four-building, 1.7 million-square-foot portfolio from the Blackstone Group. The portfolio, consisting of four Class A office buildings located in Los Angeles\u2019 Westwood submarket, sold for roughly $1.34 billion, or $777 per square foot. With the purchase of 10880, 10940 and 10960 Wilshire Blvd. and 1100 Glendon Ave., Douglas Emmett controls 74% of the Westwood Wilshire office corridor, according to a company statement. For QIA, the acquisition marked the first step in its plan to invest $35 billion in North American real estate by 2020.<\/p>\n<div id=\"attachment_5699\" style=\"width: 968px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5699\" class=\"wp-image-5699 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/10880.jpg\" alt=\"10880, 10940, 10960 Wilshire Blvd. and 1100 Glendon Ave. (via Yardi Matrix)\" width=\"958\" height=\"299\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/10880.jpg 958w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/10880.jpg?resize=150,47 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/10880.jpg?resize=591,184 591w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/10880.jpg?resize=768,240 768w\" sizes=\"auto, (max-width: 958px) 100vw, 958px\" \/><p id=\"caption-attachment-5699\" class=\"wp-caption-text\">10880, 10940, 10960 Wilshire Blvd. and 1100 Glendon Ave.<\/p><\/div>\n<h4 id=\"monthlysales\"><\/h4>\n<h3>Top 20 Largest LA County Office Sales of 2016<\/h3>\n\n<table id=\"tablepress-9\" class=\"tablepress tablepress-id-9\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\">#<\/th><th class=\"column-2\">Sale Price<\/th><th class=\"column-3\">Address<\/th><th class=\"column-4\">City<\/th><th class=\"column-5\">Buyer<\/th><th class=\"column-6\">Seller<\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping row-hover\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">1<\/td><td class=\"column-2\">$1,340,000,000<\/td><td class=\"column-3\">10880, 10940, 10960 Wilshire Blvd &amp; 1100 Glendon Ave<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Douglas Emmett + Qatar Investment Authority (QIA)<\/td><td class=\"column-6\">Blackstone Group<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">2<\/td><td class=\"column-2\">$583,000,000<\/td><td class=\"column-3\">Howard Hughes Center<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Blackstone Group<\/td><td class=\"column-6\">Hines Interests<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">3<\/td><td class=\"column-2\">$511,100,000<\/td><td class=\"column-3\">2425 Colorado Ave<\/td><td class=\"column-4\">Santa Monica<\/td><td class=\"column-5\">Boston Properties<\/td><td class=\"column-6\">Blackstone Group<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">4<\/td><td class=\"column-2\">$428,900,000<\/td><td class=\"column-3\">12181 - 12121 W Bluff Creek Drive<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Edward J. Minskoff Equities<\/td><td class=\"column-6\">JP Morgan Asset Management<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">5<\/td><td class=\"column-2\">$403,000,500<\/td><td class=\"column-3\">3000 Olympic Blvd<\/td><td class=\"column-4\">Santa Monica<\/td><td class=\"column-5\">Brightstone Capital Partners + Artisan Realty Advisors<\/td><td class=\"column-6\">Jamestown<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">6<\/td><td class=\"column-2\">$367,648,000<\/td><td class=\"column-3\">2700 Colorado Ave<\/td><td class=\"column-4\">Santa Monica<\/td><td class=\"column-5\">Oracle<\/td><td class=\"column-6\">Invesco Real Estate<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">7<\/td><td class=\"column-2\">$336,000,000<\/td><td class=\"column-3\">444 S Flower St<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Coretrust Capital Partners<\/td><td class=\"column-6\">Hines Interests<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">8<\/td><td class=\"column-2\">$328,000,000<\/td><td class=\"column-3\">800 Apollo St &amp; 2175, 2121, 2120 Park Place<\/td><td class=\"column-4\">El Segundo<\/td><td class=\"column-5\">Intercontinental Real Estate<\/td><td class=\"column-6\">Invesco Real Estate + Second Street Ventures<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">9<\/td><td class=\"column-2\">$313,636,000<\/td><td class=\"column-3\">400 S Hope St<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">GLL Real Estate Partners + AFL-CIO Building Investment Trust<\/td><td class=\"column-6\">CBRE Global Investors<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">10<\/td><td class=\"column-2\">$311,000,000<\/td><td class=\"column-3\">11601 Wilshire Blvd<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Hudson Pacific Properties<\/td><td class=\"column-6\">Blackstone Group<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">11<\/td><td class=\"column-2\">$295,000,000<\/td><td class=\"column-3\">6500 Wilshire Blvd<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Cedars-Sinai<\/td><td class=\"column-6\">Morgan Stanley<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">12<\/td><td class=\"column-2\">$256,000,000<\/td><td class=\"column-3\">55 S Lake Ave &amp; 800 E Colorado Blvd<\/td><td class=\"column-4\">Pasadena<\/td><td class=\"column-5\">CBRE Global Investors<\/td><td class=\"column-6\">Beacon Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">13<\/td><td class=\"column-2\">$225,000,000<\/td><td class=\"column-3\">12100 Wilshire Blvd<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Douglas Emmett + Qatar Investment Authority (QIA)<\/td><td class=\"column-6\">Hines Interests<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">14<\/td><td class=\"column-2\">$210,000,000<\/td><td class=\"column-3\">1200 W 7th St<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Rising Realty Partners + H.I.G. Realty Partners + Silverpeak Real Estate Partners<\/td><td class=\"column-6\">Equity Resource Investments<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">15<\/td><td class=\"column-2\">$209,200,000<\/td><td class=\"column-3\">8560 W Sunset Blvd<\/td><td class=\"column-4\">West Hollywood<\/td><td class=\"column-5\">Kilroy Realty<\/td><td class=\"column-6\">Broadreach Capital Partners<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">16<\/td><td class=\"column-2\">$165,000,000<\/td><td class=\"column-3\">12777 W Jefferson Blvd<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Rockwood Capital<\/td><td class=\"column-6\">Vantage Property Investors<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">17<\/td><td class=\"column-2\">$147,000,000<\/td><td class=\"column-3\">21255 Burbank Blvd<\/td><td class=\"column-4\">Woodland Hills<\/td><td class=\"column-5\">Angelo Gordon &amp; Company<\/td><td class=\"column-6\">Starwood Capital Group<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">18<\/td><td class=\"column-2\">$139,500,000<\/td><td class=\"column-3\">233 Wilshire Blvd<\/td><td class=\"column-4\">Santa Monica<\/td><td class=\"column-5\">Douglas Emmett<\/td><td class=\"column-6\">Blackstone Group<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">19<\/td><td class=\"column-2\">$130,000,000<\/td><td class=\"column-3\">24300, 24303, 24305 Town Center Drive &amp; 24200 Magic Mountain Pkwy<\/td><td class=\"column-4\">Santa Clarita<\/td><td class=\"column-5\">Adler Kawa + Praelium Commercial Real Estate + Perennial Investments and Advisors<\/td><td class=\"column-6\">Invesco Real Estate<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">20<\/td><td class=\"column-2\">$128,450,000<\/td><td class=\"column-3\">915 Wilshire Blvd<\/td><td class=\"column-4\">Los Angeles<\/td><td class=\"column-5\">Lincoln Property Company + Rockwood Capital<\/td><td class=\"column-6\">Brickman<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h2>What&#8217;s Next? LA Projects in the Works<\/h2>\n<p>Los Angeles&#8217; office market has never been more appealing to investors, and the signs all point to more fruitful years ahead. According to data from Yardi Research Data, 24 office properties totaling 7.2 million square feet are currently under construction in L.A., with 2.3 million square feet concentrated in the Los Angeles CBD and 2.2 million square feet in East Los Angeles. An additional 47 projects totaling 9.3 million square feet are in the planning stages, signaling that the market is poised to gain even more momentum in the following years. We&#8217;ve gathered some of the most notable projects currently underway below:<\/p>\n<h3><a href=\"https:\/\/www.commercialcafe.com\/commercial-property\/us\/ca\/los-angeles\/wilshire-grand-center-1\/\" target=\"_blank\" rel=\"noopener\">Wilshire Grand Center<\/a><\/h3>\n<div id=\"attachment_5757\" style=\"width: 708px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Wilshire-Grand-next-to-US-Bank-Tower.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5757\" class=\"wp-image-5757 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Wilshire-Grand-next-to-US-Bank-Tower.jpg\" alt=\"Wilshire Grand Center (right) - courtesy of AC Martin via wilshiregrandcenter.com\" width=\"698\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Wilshire-Grand-next-to-US-Bank-Tower.jpg 698w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Wilshire-Grand-next-to-US-Bank-Tower.jpg?resize=150,107 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Wilshire-Grand-next-to-US-Bank-Tower.jpg?resize=419,300 419w\" sizes=\"auto, (max-width: 698px) 100vw, 698px\" \/><\/a><p id=\"caption-attachment-5757\" class=\"wp-caption-text\">Wilshire Grand Center (right) &#8211; courtesy of AC Martin via wilshiregrandcenter.com<\/p><\/div>\n<p>Currently under construction in Downtown Los Angeles&#8217; Financial District, the 1.3 million-square-foot skyscraper has already topped out and is scheduled for completion in the spring of 2017, as per Yardi Research Data. Upon completion, the 73-story tower will become the tallest building in Los Angeles and also the tallest building in the state of California, surpassing the 73-story U.S. Bank Tower by 82 feet. Located at 900 Wilshire Blvd., the tower is being developed by Korean Air, a subsidiary of Seoul, South Korea-based Hanjin Group. The glass-clad building is part of a larger mixed-use project meant to revitalize the downtown area and infuse more than $1 billion into the Los Angeles economy, according to the project&#8217;s <a href=\"https:\/\/www.wilshiregrandcenter.com\/project-info\" target=\"_blank\" rel=\"nofollow noopener\"><\/a><\/p>\n<p>Wilshire Grand Center (right) &#8211; courtesy of AC Martin via wilshiregrandcenter.com<a href=\"https:\/\/www.wilshiregrandcenter.com\/project-info\" target=\"_blank\" rel=\"nofollow noopener\">official website<\/a>.<\/p>\n<p>&nbsp;<\/p>\n<h3>The Sears Historic Mail Order Building Redevelopment<\/h3>\n<p>The 1.8 million-square-foot landmark Boyle Heights building served as one of Sears, Roebuck &amp; Co.&#8217;s mail-order centers until 1992, when Sears closed and sold the distribution facility. The property at 2650 E. Olympic Blvd. has been vacant ever since, except for a Sears retail store still operating on the ground floor. In 2013, local developer Izek Shomof acquired the 90-year-old asset for $29 million, and landed a permit to undertake an adaptive reuse project at the site. According to Yardi Research Data, the redeveloped project will ultimately include 1.2 million square feet of residential space, 343,853 square feet of retail and 250,000 square feet of office space. Delivery is scheduled for the summer of 2021.<\/p>\n<div id=\"attachment_5758\" style=\"width: 765px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/0F77B609-AF5E-44BD-99A0-410D73D57219.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5758\" class=\"wp-image-5758 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/0F77B609-AF5E-44BD-99A0-410D73D57219.jpg\" alt=\"Sears Historic Mail Order Building (via Yardi Matrix)\" width=\"755\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/0F77B609-AF5E-44BD-99A0-410D73D57219.jpg 755w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/0F77B609-AF5E-44BD-99A0-410D73D57219.jpg?resize=150,99 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/0F77B609-AF5E-44BD-99A0-410D73D57219.jpg?resize=453,300 453w\" sizes=\"auto, (max-width: 755px) 100vw, 755px\" \/><\/a><p id=\"caption-attachment-5758\" class=\"wp-caption-text\">Sears Historic Mail Order Building)<\/p><\/div>\n<h3>The Long Beach Civic Center P3 Project<\/h3>\n<p>In July 2016, the City and Port of Long Beach, together with lead advisor Arup, broke ground on the $520 million Long Beach Civic Center&#8211;the second large social infrastructure P3 project to reach financial close in the U.S. According to an official statement, the project is set to include: an 11-story, 270,000-square-foot City Hall; an 11-story, 237,000-square-foot Port Headquarters Building; a two-story, 92,000-square-foot Main Library; a 73,000-square-foot Civic Plaza; 469 underground parking spaces; a central utility plant; and a revitalized City park of 4.9 acres.\u00a0The development team expects to achieve LEED Platinum or net zero certification from the USGBC for the project.<\/p>\n<div id=\"attachment_5759\" style=\"width: 910px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-5759\" class=\"wp-image-5759 size-full\" src=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg\" alt=\"Long Beach Civic Center rendering (courtesy of Plenary Edgemoor Civic Partners)\" width=\"900\" height=\"500\" srcset=\"https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg 900w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg?resize=150,83 150w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg?resize=540,300 540w, https:\/\/www.commercialcafe.com\/blog\/wp-content\/uploads\/sites\/10\/2017\/02\/Long-Beach-Civic-Center.jpg?resize=768,427 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/a><p id=\"caption-attachment-5759\" class=\"wp-caption-text\">Long Beach Civic Center rendering (courtesy of Plenary Edgemoor Civic Partners)<\/p><\/div>\n<p>Looking for a reliable and up-to-date database of listings for office spaces across the U.S.? Find the space that fits your business and investment needs with CommercialCafe.com:<\/p>\n\n<table id=\"tablepress-36\" class=\"tablepress tablepress-id-36\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/manhattan\/\" rel=\"noopener\" target=\"_blank\">Office space in Manhattan<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/los-angeles\/\" rel=\"noopener\" target=\"_blank\">Office space in Los Angeles<\/a><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/houston\/\" rel=\"noopener\" target=\"_blank\">Office space in Houston<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/il\/chicago\/\" rel=\"noopener\" target=\"_blank\">Office space in Chicago<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/dallas\/\" rel=\"noopener\" target=\"_blank\">Office space in Dallas<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/san-francisco\/\" rel=\"noopener\" target=\"_blank\">Office space in San Francisco<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/tx\/austin\/\" rel=\"noopener\" target=\"_blank\">Office space in Austin<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/wa\/seattle\/\" rel=\"noopener\" target=\"_blank\">Office space in Seattle<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nc\/charlotte\/\" rel=\"noopener\" target=\"_blank\">Office space in Charlotte<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/nv\/las-vegas\/\" rel=\"noopener\" target=\"_blank\">Office space in Las Vegas<\/a><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ma\/boston\/\" rel=\"noopener\" target=\"_blank\">Office space in Boston<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/co\/denver\/\" rel=\"noopener\" target=\"_blank\">Office space in Denver<\/a><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ga\/atlanta\/\" rel=\"noopener\" target=\"_blank\">Office space in Atlanta<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/dc\/washington\/\" rel=\"noopener\" target=\"_blank\">Office space in Washington, D.C.<\/a><\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/fl\/miami\/\" rel=\"noopener\" target=\"_blank\">Office space in Miami<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ny\/brooklyn\/\" rel=\"noopener\" target=\"_blank\">Office space in Brooklyn<\/a><\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/irvine\/\" rel=\"noopener\" target=\"_blank\">Office space in Irvine<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/pa\/philadelphia\/\" rel=\"noopener\" target=\"_blank\">Office space in Philadelphia<\/a><\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/az\/phoenix\/\" rel=\"noopener\" target=\"_blank\">Office space in Phoenix<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/office\/us\/ca\/san-diego\/\" rel=\"noopener\" target=\"_blank\">Office space in San Diego<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<h2>Methodology<\/h2>\n<ul>\n<li>Database: Yardi Research Data<\/li>\n<li>Sale price per transaction &gt; $5,000,000<\/li>\n<li>Sq. ft. &gt; 50,000<\/li>\n<li>Transactions recorded until Feb. 15, 2017<\/li>\n<li>Area: Los Angeles County<\/li>\n<li>Property type: Office<\/li>\n<li>Cross-market transactions were excluded<\/li>\n<li>Average price per sq.ft. &#8211; portfolio sales and ownership stake deals were excluded<\/li>\n<li>Total sq. ft. &#8211; ownership stake deals were excluded<\/li>\n<\/ul>\n<p>Want to see what else the county has to offer? Head over to CommercialCafe for more Los Angeles commercial real estate and explore top listings from all across the U.S.:<\/p>\n\n<table id=\"tablepress-38\" class=\"tablepress tablepress-id-38\">\n<tbody>\n<tr class=\"row-1\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/manhattan\/\" rel=\"noopener\" target=\"_blank\">Manhattan commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/los-angeles\/\" rel=\"noopener\" target=\"_blank\">Los Angeles commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-2\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/tx\/houston\/\" rel=\"noopener\" target=\"_blank\">Houston commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/il\/chicago\/\" rel=\"noopener\" target=\"_blank\">Chicago commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/tx\/dallas\/\" rel=\"noopener\" target=\"_blank\">Dallas commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/san-francisco\/\" rel=\"noopener\" target=\"_blank\">San Francisco commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/tx\/austin\/\" rel=\"noopener\" target=\"_blank\">Austin commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/wa\/seattle\/\" rel=\"noopener\" target=\"_blank\">Seattle commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/nc\/charlotte\/\" rel=\"noopener\" target=\"_blank\">Charlotte commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/nv\/las-vegas\/\" rel=\"noopener\" target=\"_blank\">Las Vegas commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ma\/boston\/\" rel=\"noopener\" target=\"_blank\">Boston commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/co\/denver\/\" rel=\"noopener\" target=\"_blank\">Denver commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ga\/atlanta\/\" rel=\"noopener\" target=\"_blank\">Atlanta commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/dc\/washington\/\" rel=\"noopener\" target=\"_blank\">Washington, D.C. commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/fl\/miami\/\" rel=\"noopener\" target=\"_blank\">Miami commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ny\/brooklyn\/\" rel=\"noopener\" target=\"_blank\">Brooklyn commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/irvine\/\" rel=\"noopener\" target=\"_blank\">Irvine commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/pa\/philadelphia\/\" rel=\"noopener\" target=\"_blank\">Philadelphia commercial real estate<\/a><\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/az\/phoenix\/\" rel=\"noopener\" target=\"_blank\">Phoenix commercial real estate<\/a><\/td><td class=\"column-2\"><a href=\"https:\/\/www.commercialcafe.com\/commercial-real-estate\/us\/ca\/san-diego\/\" rel=\"noopener\" target=\"_blank\">San Diego commercial real estate<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><strong>Note:<\/strong><em>\u00a0While we have made every attempt to ensure that the information included herein has been obtained from reliable sources, we are not responsible for any inaccuracies or omissions, or for the results obtained from the use of this information.\u00a0<\/em><\/p>\n<p>By Ioana Neamt<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Executive summary: Year-over-year sales volume\u00a0climbed to a 10-year high ($9.6B) The average price per square foot reached a 5-year peak Blackstone, Douglas Emmett: most active players on the market Largest sale of the year: Douglas Emmett, QIA snag 4-building portfolio for $1.3B For the Los Angeles office\u00a0real estate market, 2016 was the most active year\u00a0of&hellip;<\/p>\n","protected":false},"author":529,"featured_media":5685,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,42,39],"tags":[],"class_list":["post-5667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-market-reports","category-office","wpautop"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>LA County Office Report - Sales Volume Hits 10-Year High in 2016 - CommercialCafe<\/title>\n<meta name=\"description\" content=\"For L.A. County&#039;s office sales market, 2016 was the best year of the past decade, with total volume and per-square-foot prices reaching new heights.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialcafe.com\/blog\/la-county-office-report-total-sales-volume-hits-10-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LA County Office Report - Sales Volume Hits 10-Year High in 2016\" \/>\n<meta property=\"og:description\" content=\"For L.A. 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