Invesco Real Estate buys Southern California office building
Invesco Real Estate has paid $284 million, or $914 per square foot, for the five-story MTV Building located at 2600–2700 Colorado Blvd. in Santa Monica, Calif. The sellers were Five Mile Capital, Centurion Real Estate and M David Paul Associates, which acquired the office property in 2007 for $218 million.
Major tenants include Viacom, Comedy Central and MTV, which relocated to the 310,800-square-foot office building in 1996. MTV Networks renovated the offices.
Invesco Real Estate has been active recently in Southern California. The firm purchased the Arris Group office property, located at 6450 Sequence Drive in San Diego, for $85.5 million. In January, the firm acquired The Reserve in Los Angeles from Shorenstein Properties and Worthe Real Estate Group for $316 million. The sellers purchased the property in 2011 for $43.9 million and invested approximately $30 million in renovations.
During first quarter 2015, approximately 112 office building