Luzzatto Buys Gehry-Designed Binoculars Building in L.A.
Seller Net Lease Office Properties listed the Google-leased property for sale last March
By Nick Trombola January 20, 2026 2:50 pm
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The Binoculars Building designed by the late Frank Gehry, just blocks from Los Angeles’ Venice Beach, has traded hands 10 months after it hit the market.
The Luzzatto Company acquired the 78,578-square-foot office address, named after the 44-foot-tall spectacles that tower above its entrance, for $39.6 million, according to PropertyShark records. The seller, W.P. Carey spinoff Net Lease Office Properties, had listed the Google-leased building at 340 Main Street in March.
Luzzatto also landed a $24 million loan from Ibexis Life & Annuity Insurance tied to the purchase, records show. The Real Deal first reported news of the sale. CBRE’s Sean Sullivan, Michael Longo, Melissa Moock and Grant Goldman arranged the sale, according to Asher Luzzatto, Luzzatto Company president.
“We have a long-term view of the Westside that remains positive,” Luzzatto told Commercial Observer. “We think it will continue to be one of the most attractive areas in the country to live and work. Culturally, Venice represents a place unlike any other in the state, with such diversity of people and businesses, and we appreciate that dynamism. It doesn’t hurt to also have one of the greatest companies in the world as a tenant.”
A spokesperson for Net Lease Office Properties did not immediately respond to requests for comment.
The building’s namesake art piece is an installation by late sculptors Claes Oldenburg and Coosje van Bruggen, titled “Giant Binoculars.” Gehry designed the building for advertising firm TBWA/Chiat/Day. Google, which began leasing the property in 2011, will remain at the Binoculars Building until at least 2030.
The overall office vacancy rate of L.A.’s Westside was 22.6 percent in the fourth quarter of last year, according to CBRE’s most recent market report. Yet the Westside accounted for more than 27 percent of the region’s entire quarterly leasing activity, indicating that the flight-to-quality trend in submarkets like Century City and Silicon Beach is alive and well. The Westside also saw the most office construction by far last quarter with over 1.1 million square feet in the pipeline.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
