CBRE Arranges Sale of Creative Office Building in Los Angeles for $17.9 Million

CBRE announced the sale of the Meridian Building, a creative office building in Santa Monica, Calif., to Los Angeles-based real estate investment firm Redcar Properties for $17.9 million.

CBRE’s Jeff Pion, Michelle Esquivel-Hall and Drew Pion represented the seller, Los Angeles-based real estate investment firm DPI Retail. The buyer was represented by Industry Partners.

Located at 1448 15th Street, the 24,062 square-foot, three-story building was originally constructed in 1981. The property features 78 parking spaces. The site is one half-mile from the I-10 freeway and 1.5 miles from Santa Monica State Beach.

“This moment is bittersweet for the entire DPI team,” said Fred Vitt, President of DPI Retail. “The Meridian Building has been our headquarters that we have owned and operated out of for over two decades. It will forever be a part of our history, and I truly feel that nothing is a better testament to our success than being able to outgrow our home.”

He added, “We look forward to carrying the momentum to our new corporate office in El Segundo, where we will have better opportunity to grow our team and expand our portfolio.”