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JPMorgan Property Unit Puts L.A. Office Complex on Market

A JPMorgan Chase & Co. (JPM) unit put its Century Park property, a Los Angeles office complex where Creative Artists Agency has its headquarters, up for sale.

J.P. Morgan Asset Management is marketing the 3.2 million-square-foot (297,000-square-meter) Century Park on behalf of institutional investors, said Darin Oduyoye, a New York-based spokesman for the company. The property, located in the Century City business district, may fetch more than $2 billion, said a person with knowledge of the plans who asked not to be identified because the expected price isn’t public.

The complex has two 44-story towers housing high-end offices along with stores and restaurants, as well as a 4-acre (1.6-hectare) park and the Annenberg Space for Photography. A sale may come by the end of the year, the person said.

Eastdil Secured LLC is the broker marketing the complex, Oduyoye said. Martha Wallau, a spokeswoman for Eastdil, didn’t return a telephone call seeking comment late yesterday.

Blackstone Group LP (BX) in April planned to market a 21-story building at 1888 Century Park East valued at more than $300 million, two people with knowledge of the effort said at the time.

J.P. Morgan Asset Management’s plans to market Century Park were reported yesterday by the Hollywood Reporter.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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