Harbor Associates Acquires 1640 Sepulveda Boulevar
SEAL BEACH, Calif. – Dec. 26, 2023 – PRLog — Harbor Associates, LLC (“Harbor”) in joint venture with F&F Capital Group has acquired a five-story, 164,683-square-
“After several years of kicking the can down the road, we are now beginning to see distress hit the market,” said Harbor Principal Joon Choi. “While current market conditions and the work from home phenomenon has dealt a severe blow to the commercial office sector, there are still compelling opportunities to find the hidden gems at a deep discount to replacement. At our cost basis, we expect the property to perform very well for us in the Post Covid-era.”
1640 Sepulveda Boulevard is located one block north of Santa Monica Boulevard at the gateway to Century City and Beverly Hills. Built in 1987, the property was extensively renovated over the last decade with more than $11 million in renovations that went to improve tenant spaces, create expansive North and West facing balconies, redesigned building lobby, and common areas, a 70-seat ground floor screening room and brand new elevator landings.
“1640 Sepulveda is a well-appointed low-rise creative office asset that is in high demand in Southern California,”
1640 Sepulveda was 80% occupied at the time of closing.
This is the joint venture’s second acquisition in the past two months. In November Harbor/F&
“F&F Capital is thrilled to be expanding our relationship with Harbor Associates and growing our nationwide multi-billion dollar real estate portfolio with their team,” added Jeff Frieden, Co-Founder and CEO of F&F Capital Group.
Kevin Shannon and Rob Hannan of Newmark advised the seller.
About Harbor: Harbor Associates, LLC (http://www.harborassociates.com) is a value-add operating platform focused on acquiring and repositioning under-performing commercial real estate assets throughout Southern California. Harbor has been involved in the renovation, repositioning and development of 40 commercial projects totaling over 4.0 million square feet with a portfolio value in excess of $1.0B. The company is a joint venture with The Bascom Group, LLC.
About F&F Capital Group:
With a commercial real estate portfolio in excess of $2.4 billion and growing, F&F Capital Group has a team of real estate professionals and acquisition specialists that work within the retail, office, hospitality, industrial, multifamily, student housing and self-storage sectors. The team is also an active buyer of distressed commercial real estate debt with expertise in CMBS and mezzanine debt. F&F boasts proven methods of real estate investment. Supported by state-of-the-
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