A successful sale of the commercial property 650-700 PCH to The Vella Group after fierce negations against competing bidders.
BEVERLY HILLS, Calif (July 23, 2019)-Zachary Vella, company Founder and Principal of The Vella Group recently closed on 650-700 PCH. Part of extended negotiations, the bidding process was fierce. About 160 potential buyers showed interest and 60 toured the site. Finally, the bid was won by Rodeo Realty’s Antony Arkel who represented Vella on the sale. This will be the second major development purchase by Vella who just last month closed escrow on 737 Lairport Street, an adjacent property which comes with a railroad spur that runs from street to street , Maple to Mariposa. The business park is the newest addition Vella Group’s remarkable portfolio of development projects nationwide.
650-700 Pacific Coast Highway is 200,200 SF of corporate office located in the heart of El Segundo. The property was purchased for $50,800,000. Creative office in El Segundo is in high demand and envisioning a business park/creative campus is the ultimate in development. 650’s high visibility makes this purchase an ideal location for campuses that offer amenities which appeal to the senses. The evolution of this type of development is changing rapidly and tenants needs are evolving. The small town of El Segundo has seen a recent influx in new business deals which has become a choice destination for aerospace and technology. Considered the aerospace capital of the world, El Segundo is also home to major brands like Mattel, AT&T and Chevron among other Fortune 500 companies.
Zachary Vella is no stranger to buzz-worthy listings having made regular appearances on Million Dollar Listing and an established presence in both the New York and Los Angeles Real Estate Market.
The developer is currently at the helm of more than a few large scale LA-based projects. With completion scheduled for late 2019, the new corporate headquarters Amazon’s “Ring, Inc.” will be Vella Group’s latest delivery. Designed by M-Rad Architects, the 80,000 square foot office space which will be home to over 600 employees, giving the area a shot of adrenalin.
Next up is the 670 Mesquit Project, a 1.8 million square foot development breaking ground in the Arts District along the LA River. The mixed use development will be designed by Starchitect Bjarke Ingels of BIG with construction set to commence in 2020. The Vella Group will also serve as lead developer for two upcoming West Hollywood projects. The group has tapped MAD Architects to design the city’s newest architectural showcase, a mixed use hotel and residential project presiding over Barneys Beanery.
The secondary WEHO development led by The Vella Group, will be the long awaited Arts Club. The property was referred to as “an exceptionally good project for the Sunset Strip and will set in motion a lot of new and exciting adventures up there” by West Hollywood City Mayor John D’Amico. A British members-only club backed in part by Gwyneth Paltrow received the go ahead to break ground from the West Hollywood City Council in early March of 2019. The Gensler designed private club will bring office space, restaurants, retail and a public art gallery to the heart of Sunset Boulevard.
These upcoming developments along with future planned ones will add to the LA skyline through innovative and state-of-the-art driven projects helmed by leaders in architectural design.
Antony Arkel of Rodeo Realty Beverly Hills and AA Advisory represented Vella for the purchase. Antony continues to showcase his impressive reach in the industry for both commercial and residential properties. His dedication to his clients is evident in his continued demand as the agent of choice on high-profile deals in the varying sectors of the real estate market.
About The Vella Group
VE Equities LLC is a full-service real estate company with capabilities in investment, finance, asset management and construction. Based in Manhattan, the firm focuses on acquiring and developing high-end residential condominiums, rental apartment buildings, and commercial and retail properties primarily in New York and California. Our portfolio is characterized by quality, design integrity and attention to detail.
For more information regarding the Railroad Spur Purchase and The Vella Groups upcoming projects, please visit: http://www.vellagroup.com/companies/4-contact.
About AA Advisory
The word “Deal-maker” aptly describes Antony Arkel and when you need one to structure your real estate transaction, the Antony Arkel Advisory consists of a team of licensed associates with over 50 years of combined real estate experience.
The team ceaselessly shoulders the necessary disciplines in strategically marketing and negotiating the sale with a local and international eye. Whether it’s an acquisition or disposition, the Advisory demonstrates high level skill-sets in negotiating, comprehensive vehicle advertising, “Pull” marketing, digital streaming and contract language to capture an expeditious close.
“We make lifelong friendships and hold ourselves accountable to the highest standards of our affirmative fiduciary obligation with the highest reputation of integrity “, says Antony. ” Based on our professional status, we have a duty to advise and counsel our principals so they can make a wise, informed, intelligent decision in a Real Estate transaction whether it be to sell, lease, or exchange.” A veritable force among his peers, Arkel is known as a tactical negotiator with a penchant for achieving results when others don’t.
Primary Affiliate Dimensions: Residential/Architectural, Corporate Office + Multi-Use, Flexible Space, Industrial, Vacant Land dispositions, acquisitions and development.
About Rodeo Realty®
Rodeo Realty is a residential real estate firm that has more than 1,200 licensed agents and brokers and 12 offices throughout Los Angeles and Ventura counties. Rodeo Realty® services various markets in Southern California, including luxury real estate markets. The company’s celebrity and other multi-million dollar listings are regularly featured in the news through several television networks, online sites and publications.
Operated under the direction and vision of a single owner, Rodeo Realty stands today as one of the largest independent real estate companies in the nation, while still maintaining the friendly approach of the neighborhood REALTOR®. As the largest independent real estate brokerage headquartered in Beverly Hills and operating throughout the Los Angeles area, with the highest sales volume, Rodeo Realty has the resources to provide the best tools in the industry to deliver the very best results.
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