LOS ANGELES BUSINESS JOURNAL
ACQUISITION: THREE-STORY, 24,110-SQUARE-FOOT BUILDING IS 95 PERCENT LEASED
By DANIEL MILLER
LOS ANGELES BUSINESS JOURNAL STAFF

A three-story office building in West Los Angeles called Corinth Gardens has changed hands in an off-market transaction for $9.6 million.

The deal for the 2211 Corinth Ave. building at Olympic Boulevard just west of the San Diego (405) Freeway closed in mid-February. The buyer was Solomon Aryeh, a local real estate investor, and the seller was PMI Financial, a Bel Air-based real estate investment company.

The deal for the 24,110-square-foot building, which is 95 percent leased and sits on one-third of an acre, breaks down to $398 per square-foot.

“It goes to show you that deals are still getting done even in a crazy market where there seems to be limited debt in the marketplace,” said Bob Safai of Madison Partners, who represented both sides of the deal.

Safai said that the deal was financed through a local regional bank. About 50 percent of tenants at the 1988 building are medical office tenants, with others in the entertainment industry. The building features a landscape courtyard with a fountain, and was renovated about 10 years ago.