Buck Design Buys Downtown LA Office for West Coast Operations
Brickstar Capital transformed the property into a creative campus in 2020
By Greg Cornfield February 21, 2022 8:10 pm
reprints
Global creative production company Buck Design has acquired a recently renovated 79,249-square-foot office building in Downtown Los Angeles.
Buck Design paid $26.5 million for the property and plans to utilize it for its West Coast operations. The seller, Brickstar Capital, purchased the building from Union Bank for $15 million in December 2016, property records show, and transformed it into a creative campus in 2020.
The building, at 120 South San Pedro Street, was first built in 1985 in the Little Tokyo neighborhood. Lee & Associates announced the deal and represented the buyer.
“This move signals a shift from what we’ve seen in large, unoccupied office real estate, and as a team, we were excited to represent this sale, signaling the demand for larger creative office space,” said Lee & Associates’ Evan Jurgensen. “Buck is one of the largest companies to take office space in Downtown Los Angeles since the start of the pandemic.”
Office investment in L.A. hit $8.6 billion last year, 28 percent higher than 2020. But that mark still trails the $14.4 billion in investment sales in 2017.
Jurgensen, along with Lee & Associates’ Jack Cline and Doug Cline represented Buck Design. CBRE (CBRE)’s Taylor Watson, Brad Chelf, Phillip Sample, Chris Caras, Michael Shustak and Ryan Phillips represented the seller.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
