JPMorgan Property Unit Puts L.A. Office Complex on MarketNadja Brandt
A JPMorgan Chase & Co. 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 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.