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Commerical Real Estate

Deals

April 28, 1998

* Oaktree Capital Management will move later this year into a 73,000-square-foot office in the Wells Fargo Center at 333 S. Grand Ave. in the Bunker Hill area of downtown Los Angeles--a space double the size of its current headquarters. The fast-growing money manager, formed by Trust Co. of the West executive Howard Marks in 1995, is now headquartered at 550 S. Hope St. Its 10-year lease at the new building is valued at $18 million. Steve Bay and Clay Hammerstein of Julien J. Studley Inc. represented Oaktree in the deal. The building's owner, MaguirePartners, was represented in-house by Tony Morales.

* An institutional investment fund managed by San Mateo-based William Wilson & Associates has acquired another Conejo Valley low-rise office complex from developer Katell Properties for $18.6 million. The 1988-vintage two-story buildings comprising the Agoura Hills Business Park--at 30401 and 30501 Agoura Road in Agoura Hills--total 115,000 square feet of rentable office space.

The buildings together are about 95% leased, with J.D. Power & Associates, Candle Corp. and Toyota Motor Credit as the biggest tenants, noted Bob Safai of the Madison Partners brokerage, who represented the buyer and seller in negotiating the transaction.

On behalf of its investor clients, William Wilson has ranked among the most active buyers of L.A.-area office buildings over the last couple of years--beginning with the former Glendale Federal Bank headquarters in Glendale. The company now owns and manages about 350,000 square feet of buildings along the Ventura Freeway "technology corridor" running from the southwestern San Fernando Valley into the Conejo Valley.

* Essex Property Trust recently purchased the 608-unit Mirabella Apartment Homes in Newbury Park for $50.5 million from Prometheus Southern California II, according to Stan Jones, of the Palo Alto office of Marcus & Millichap, who brokered the deal along with Encino colleague John Walsh.

* Elkor Commercial Real Estate has purchased the 321 Building in downtown Los Angeles from Union Bank of California for $3.1 million, according to Wolfgang Kupka, a director of the Financial Services Group at Cushman & Wakefield of California Inc., which brokered the sale. Kupka said the 12-story, 54,000-square-foot building, which was renovated in 1994, was 40% occupied at the time of the sale.

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