The Manhattan Towers office complex in Manhattan Beach has broken new records. After a particularly pricey online auction, the office complex became the most expensive online real estate transaction to ever take place.
A Closer Look at Manhattan Towers
Built in 1985, triangular-shaped Manhattan Towers consists of two six-story buildings situated at 1230 and 1240 Rosecrans Avenue. The Class A office complex, which was renovated in 2001, boasts 309,734 square feet of space. The smallest office space within the tower is 150 square feet, while the largest offers 5,000 square feet of space. The buildings were also awarded an Energy Label from 2006 through 2011 and again in 2014 for operating efficiency. They also received the LEED certification at the Gold level by the U.S. Green Building Council in 2009 and 2015.
The 1230 Rosecrans Avenue tower rests on 1.3184 acres of land while 1240 Rosecrans Avenue is on 1.2466 acres. Located three blocks west of the 405 Freeway, two miles south of LAX and one mile east of the state’s best beaches, the office complex offers a premier location for its tenants. A variety of restaurants and other conveniences are also located near to the two towers.
Breaking Records with the Manhattan Towers
With a custom auction that closed out on July 22, the Manhattan Towers office complex commanded an impressive $96.1 million. The auction was hosted by Auction.com LLC with CWCapital selling the complex to VTS. Eastdill Secured served as the broker for the deal.
The sale of the Manhattan Towers office complex was confirmed by Guinness World Records as being the largest ever e-commerce transaction to take place. Prior to the sale of Manhattan Towers, the largest e-commerce transaction took place in 1999 when Mark Cuban purchased a Gulfstream V private jet for $40 million. A 405-foot “Gigayacht” was also reported sold on eBay for $85 million in 2006. The Gigayacht auction ended when someone purchased the property for the “buy it now” price.
The online sale of the Manhattan Towers office complex for $96.1 million is not just an indicator of the popularity of property in Manhattan Beach. It is also a sign of the future, as such a massive online real estate transaction indicates that the market is ready for online real estate purchases. In likelihood, this form of real estate purchase is likely to become more common in upcoming years. In fact, during the same week that the office building was sold, Auction.com saw a total of $300 million in commercial real estate assets sold on its site. Among these was a multifamily portfolio consisting of two properties in Reno, Nevada that sold for $71.5 million and an apartment complex in Orlando, Florida that sold for $50 million. Altogether, the site has sold more than $30 million in residential and commercial real estate since it was founded in 2007. The site further reports that over half of the commercial properties auctioned on its site are Class A, non-distressed assets.
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(all data current as of 8/17/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.