LOS ANGELES--(BUSINESS WIRE)--
Marcus & Millichap (NYSE:MMI), a leading commercial real estate
investment services firm with offices throughout the United States and
Canada, today announced the sale of 11801 Mississippi Ave., a
24,759-square-foot office property in West Los Angeles.
John Ghiselli, a senior associate in Marcus & Millichap's West Los
Angeles office, represented the purchaser, a group of entities
affiliated with Archway Holdings Corp. The seller is AIG.
"Our marketing campaign produced offers from people throughout the
investment community and resulted in an all-cash sale with a one-day
escrow," says Ghiselli. "This acquisition is part of Archway's continued
interest in Southern California's more creative office properties.
Previously, the company and its affiliated entities purchased 820
Broadway in Santa Monica, an office property previously leased by Google
and Coda and now leased by Dogvacay and a division of WPP, one of the
world's largest advertising companies."
"The Los Angeles office market is well positioned," stated Hessam Nadji,
Marcus & Millichap's chief strategy officer. "It has benefited from
steady employment gains, but the very limited office development
pipeline will be instrumental in tightening vacancies in the coming
year, particularly as the local economy builds momentum."
The 11801 Mississippi Ave. building was constructed in 1954 and totally
renovated in 2007. The area surrounding the property is becoming one of
Los Angeles's new tech hubs in the wake of developments such as Element
LA's creative campus and the Tribeca West media campus.
About Marcus & Millichap (NYSE:MMI)
With over 1,300 investment professionals located throughout the
United States and Canada, Marcus & Millichap is a leading specialist in
commercial real estate investment sales, financing, research and
advisory services. Founded in 1971, the firm closed over 6,600
transactions in 2013 with a value of approximately $24 billion. The
company has perfected a powerful system for marketing properties that
combines investment specialization, local market expertise, the
industry's most comprehensive research, state-of-the-art technology, and
relationships with the largest pool of qualified investors. To learn
more, please visit: www.MarcusMillichap.com
Source: Marcus & Millichap