LOS ANGELES – Dec. 12, 2017 – Ten-X Commercial, the nation’s leading online real estate marketplace, today announced that Jonathan Wolk of Lancelot Commercial leveraged Ten-X’s platform to conduct the sale of AKFK Century City Property LLC’s office property at 10277 West Olympic Blvd., in Los Angeles. The two-story office building sold for $16.8 million. The transaction was conducted entirely online using Offer Select. Ten-X’s Offer Select transaction solution closely mirrors the traditional commercial real estate process while leveraging technology to standardize and streamline.
“Ten-X Commercial has a long track record of facilitating online real estate transactions, and the successful sale of this high-quality property demonstrates the significant traction Ten-X has established with institutional-quality properties,” said Ten-X General Manager Steve Jacobs. “Brokers are increasingly turning to Offer Select to capitalize on the global reach Ten-X provides, while retaining the flexibility generally associated with offline transactions. 10277 West Olympic Blvd. is an excellent case study of how the streamlined transaction process of our data-drive marketplace continues to create better outcomes for brokers, buyers, and sellers of commercial properties.”
The building’s sale comes amid improving conditions in the Los Angeles office market. According to REIS, rents in the region have increased for 25 straight quarters, reaching an all-time high of $30.26 per square foot during the second quarter of 2017. Employment in the city grew by 1.5 percent over the past year, which bodes well for its office market prospects in the near future. While overall vacancies increased slightly during the second quarter, Ten-X Research projects they should fall to roughly 13 percent by the end of 2018.
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About Ten-X Commercial
Ten-X, the parent company to Ten-X Commercial, Auction.com, and Ten-X Homes, is the nation’s leading online real estate transaction marketplace. To date, the company has sold 323,000+ residential and commercial properties totaling over $53 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Thomas H. Lee Partners, L.P., CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.