A 14,275-square foot office building on Abbot Kinney Boulevard in Venice that was the former studio of furniture designers Charles and Ray Eames has been sold.
The buillding at 901 Abbot Kinney Blvd. was bought by DLJ Real Estate Capital Partners as part of the company's strategy to acquire iconic buildings in urban locations within walking distance of residential communities and retail offerings, the company said in a statement released Monday.
The building recently had a sale price of $14 million listed with Coldwell Banker Commercial. The sale price was not disclosed.
“Despite being one of the creative capitals of the world, Los Angeles suffers from a shortage of vintage properties such 901 Abbot Kinney that cater to creative office tenants,” said Jay Glaubach, a director in DLJ Real Estate’s Los Angeles office. “We believe the property offers unique, design-oriented space for creative professionals such as design firms and media and technology businesses. The property also benefits from an exceptional location on Abbot Kinney Boulevard, within walking distance of some of Los Angeles’ most desirable retail and residential neighborhoods. Google’s recent relocation to the Venice submarket underscores the area’s appeal to companies seeking to attract high-quality creative professionals.”
The real estate investment firm in December 2011 bought the 1923 Taft Building at the corner of Hollywood Boulevard and Vine Street and has undertaken a $15 million renovation. It also is developing Blvd 6200, a live/work, mixed-use property adjacent to the Taft Building with more than 1,000 apartment units.
“DLJ RECP is focused on investing in dynamic urban communities,” said Andrew Rifkin, managing partner of DLJ RECP in a statement. “We believe that people want to live and work in neighborhoods that are urban, walkable, and sustainable. Our focus on these types of communities in Los Angeles complements our focus on similar areas in other urban centers such as New York.”
DLJ RECP was founded in 1995 and manages real estate private equity funds with total capital commitments of more than $4 billion.