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Colliers achieves highest price PSF office building sale in Downtown Culver City

CULVER CITY, CA – While Culver City continues to lure top companies like Apple and Amazon, Colliers International has completed the $3.85 million, or $956 per square foot sale of a 4,025-square-foot creative office building, setting the highest price per square foot record in downtown Culver City for 2018. The buyer was not identified.
“Culver City is experiencing tremendous growth. With commercial developments underway Downtown, some of America’s largest companies settling in, and droves of creative office users vying for space here, all eyes are on Culver City,” said Executive Vice President Nathan Pellow of Colliers International, who represented the seller, Haley Miranda Group, in the transaction. 
Along with Pellow, Associate Nick Nybakken of Colliers International represented the seller. The same Colliers team also recently achieved the record high price per-square-foot for the sale of a Hollywood office compound, further supporting the positive trajectory of most of the Greater Los Angeles submarkets.
“High demand for smaller owner/user space is driving prices upward, positioning Culver City alongside Hollywood in the creative office sector,” said Pellow. “These market trends supported our high asking price per square foot, which yielded significant interest and an all-cash offer within a just a few weeks of being marketed for sale.” 
For the past two decades, Haley Miranda Group occupied the property, located at 8654 Washington Boulevard. The marketing and advertising firm has worked alongside such notable companies as Netflix, TimeWarner, ESPN and Sony. 
Built in 1952, the single-story, Bow-Truss building features new and open creative office space. It is situated across the street from Helm’s Bakery with corner boulevard exposure.
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About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

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