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Westwood Village westwood professional building 1033 Gayley Avenue, Los Angeles, CA 90024 Premier Medical Office Space Available in the Heart of Westwood Village leasing package deal team ANDREW COHEN EMMET PIERSON VICE PRESIDENT – LEASING ASSOCIATE – LEASING [email protected] [email protected] O 310.402.0211 O 310.691.1350 x 132 LIC #01996379 (CA) LIC #02048600 (CA) 1901 Avenue of the Stars, Suite 630 Los Angeles, CA 90067 310.691.1350 www.PegasusAM.com CA DRE LIC # 02119442 3 4 5 9 10 16 EXECUTIVE PROPERTY PHOTOS AVAILABLE LOCATION SITE contents SUMMARY HIGHLIGHTS SPACES HIGHLIGHTS DESCRIPTION 2 executive summary Pegasus is pleased to offer a rare opportunity to lease prime medical office space within the Westwood Professional Building – centrally located in the heart of famed Westwood Village (West Los Angeles, California). Historically fully occupied, the current availabilities present a highly regarded and well-established medical office with the opportunity to plant their flag centrally in sought-after Westwood Village, with walkable access to UCLA Ronald Reagan Medical Center Mattel Children’s Hospital. Adding to the property’s appeal is its iconic, 2-story, mid-century colonial architecture. The building has been meticulously maintained with many original elements from its original 1938 construction, lending it a rich and unique character. 3 property highlights Current availabilities range from 1,225-1,285 square feet with the former currently built out as a dental office and the latter featuring a tranquil courtyard patio. A stellar example of mid-century colonial design, the Property features warm and welcoming original wooden interior hallway features, wide stairwells, and charming cast iron light fixtures. As one of the oldest constructed properties in Westwood Village with current ownership dating back to the 1950s, the timeless architecture attracts medical users drawn to its unique and character-rich design. 4 Westwood Professional Building Street Level Exterior 5 Westwood Professional Building Interior 6 Westwood Professional Building Courtyard 7 Westwood Professional Building Unit 104 Interior 8 Available Spaces STAIRS 104 ELEV STAIRS 115 FRONT ENTRY SPACE NAME / SQUARE FOOTAGE SPACE TYPE BUILD OUT DELIVERY FRONTAGE AVAILABILITY COMMENTS LEASE TERM RATE UNIT / ADDRESS SUITE 104 1,285 OFFICE WARM SHELL IMMEDIATE N/A NOW FULL SERVICE GROSS LEASE NEGOTIABLE NEGOTIABLE SUITE 115 1,225 OFFICE WARM SHELL IMMEDIATE N/A NOW FULL SERVICE GROSS LEASE NEGOTIABLE NEGOTIABLE 9 location highlights WESTWOOD VILLAGE - OVER A CENTURY OF HISTORY The famous domed Janss Investment Company Building, the first North-facing aerial of Westwood Village, building erected in Westwood Village. c. 1930s c. 1930s In 1920, Edwin and Harold Janss of Janss Investment Company started selling development lots after offering to sell a portion of their land in Westwood to the University of California Board of Regents. This land became the site of the University of California, Los Angeles. In PLAYA VISTA MARINA DEL REY conjunction with UCLA’s birth, the Janss brothers developed businesses catered around CULVER CITY the growing academic environment. Traffic and marketplace volume started to skyrocket SANTA MONICA following the 405 Freeway development and construction of residential and office high- VENICE MAR VISTA rise buildings. In the 1950s, Westwood was a bustling cultural hub for the film industry, most notably via the historic Fox Theater, which became famous for movie premieres. WEST LA As UCLA continued to attract students from all over the world, the University started CHEVIOT HILLS BRENTWOOD making significant capital contributions to their hospital and medical sites on campus. VA HOSPITAL The investment culminated in the Ronald Reagan UCLA Medical Center’s development, which was redeveloped in 2008 and anchors one of the largest healthcare networks in Southern California. VA VA FEDERAL BUILDING WESTWOOD IRREPLACEABLE LOCATION IN THE HEART OF WILSHIRE BLVD WESTWOOD VILLAGE The historical Westwood Professional Building has been a pillar in Westwood Village since 1938. Throughout each phase of Westwood Village’s evolution, The Westwood Professional Building has been a constant. The Property’s irreplaceable location has been the primary driver in its longevity and success. The Property is situated walking distance to UCLA’s campus, which has +44,000 students, walking distance to hundreds of retail shops and HOLMBY HILLS restaurants (receiving a walkscore.com rating of 93), and has convenient regional access from the I-405 and I-10 freeways. Additionally, Westwood Village is serviced by multiple bus lines and will soon have the highly anticipated Purple Line subway stop at Westwood Blvd. & Wilshire Blvd., allowing commuters from downtown to get to the Westwood Village in 25 minutes. 10 SURROUNDED BY LA’S MOST AFFLUENT NEIGHBORHOODS Centrally located between Bel Air, Beverly Hills, Holmby Hills, and Brentwood, the Westwood Professional Building is at the epicenter of extraordinary wealth. Within a 5-mile radius, there is a population of 565,691, with an PACIFIC PALISADES THE GETTY CENTER average household income of $129,784. The Property’s central location SANTA MONICA proximate to these lavish neighborhoods has supported the Property’s BRENTWOOD longevity and paid dividends to Westwood’s growing medical presence. Multiple tenants have been operating their medical practice out of the Westwood Professional Building for 20+ years, with most of their clientele coming from the surrounding neighborhoods. The convenient access from the I-405 and Wilshire Blvd makes commuting from these neighborhoods a convenient experience and relatively hassle-free with +6,000 available BEL AIR parking spaces throughout the Village. VA VARIETY OF PARKING OPTIONS AVAILABLE VA HOSPITAL THROUGHOUT THE VILLAGE In 2013, the Westwood Village Improvement Association commissioned a Parking Assessment through Civic Enterprise Associates LLC. The findings in VA FEDERAL BUILDING UCLA PARKING STRUCTURE 32 - 124 PARKING SPACES Civic’s analysis illustrate that there are numerous parking options throughout the Village for visitors and local commuters. Between the on-street parking and off-street parking lots, there are 6,298 spaces generally accessible to visitors. On a typical day during the work week there are more than 1,000 unused spaces available for the taking. In fact, more than 60% of pedestrians OFFICE enter the Village through alternate modes of transportation such as walking, public transportation, biking, rideshare, etc. The Westwood Professional Building is within a thousand feet of numerous parking structures, including GAYLEY AVE UCLA Parking Structure 32, the Broxton Garage, and the Whole Foods BROXTON GARAGE - parking lot. In order to further increase the parking availability throughout 365 PARKING SPACES Westwood Village, the Westwood Village Improvement Association is actively pursuing an update to the current parking requirements in Westwood Village WHOLE FOODS PARKING - WILSHIRE BLVD Specific Plan. Although there has been no formal approval, the Association 181 PARKING SPACES OFFICE is pushing for LA City Planning to remove all requirements on the number of parking spaces a business must have in the Village. The goal is to allocate more parking spaces to businesses with higher needs, rather than require some businesses to have additional parking who do not need the spaces. Click Here to Read the Parking Assessment 11 RONALD REAGAN UCLA MEDICAL CENTER Ronald Reagan UCLA Medical Center re-opened its doors on June 29, 2008, after a complete reconstruction following the Northridge Earthquake in 1994. Originally budgeted at $600 million, estimates peg the ultimate cost at close to $1 billion. At the time, it was the single largest construction project ever undertaken by the University of California. At more than 1 million square feet, the hospital complex features the most advanced medical technology in the world and 520 large, private rooms for patients. The 4-acre site on UCLA’s campus includes UCLA Mattel Children’s Hospital and the Stewart and Lynda Resnick Neuropsychiatric Hospital at UCLA. Designed by world-renowned architects I.M. Pei and C.C. Pei of Pei Partnership Architects, Ronald Reagan UCLA Medical Center was designed “to achieve an environment that optimizes healing through adaptive use of the latest technology and design know-how.” The hospital’s design is open and light-filled, all patient rooms are private, and each room can convert into an intensive care unit (ICU). The medical center is on the forefront of innovation with voice-activated controls in the surgical suites and cutting-edge medical equipment to provide the most effective care to the patient. UCLA HEALTH HOSPITALS RANK #1 IN LOS ANGELES AND #4 NATIONALLY July 28, 2020 Press Release: 31 consecutive years among country’s best in U.S. News’ annual health care assessment UCLA Health hospitals in Westwood and Santa Monica placed #1 in both Los Angeles and California and #4 nationally in annual rankings published today by U.S. News & World Report. For 31 consecutive years, UCLA has appeared on the national honor roll, a distinction reserved for only 20 hospitals that provide the highest quality care across an array of specialties, procedures, and conditions. “Every day, I am inspired by the teamwork of our physicians, nurses, health care professionals and support staff whose knowledge, skill, dedication and compassion make possible the excellence in health care,” said Johnese
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