Bank of America
Bank of America
Marketing description
Newmark Pacific Capital Markets is pleased to present to qualified investors the opportunity to acquire a single tenant absolute NNN Bank of America, consisting of 13,978 square feet on a large 0.57-acre parcel located along the Pacific Coast Highway (Sepulveda Blvd.) in the City of Westchester. The value proposition for an investor and/or owner-user is the ability to mark Bank of America to market rent in December 2027. Currently paying well below market rent of $11.19 per square foot annually in a market supporting rents of $60-72 per square foot, makes this an intriguing and unique opportunity in a high barrier to entry, affluent, and highly educated submarket.
Westchester is known for its central location serving the Playa Vista (Silicon Beach) and the South Bay Los Angeles markets of Manhattan Beach, Hermosa Beach, Redondo Beach, and El Segundo. It is the closest city to Los Angeles International Airport (LAX), carrying over 76,580,000 passengers annually. The Property sits prominently along the Pacific Coast Highway, carrying over 83,000 cars per day, and benefits from its proximity to LAX and the surrounding long-term parking structures, restaurants, and the Howard Hughes office and residential campus.
Investment highlights
Under Market Rent | Fair Market Options
Bank of America is currently paying $11.19 per square foot annually, $0.93 per square foot monthly
Lease expires in December 2027, providing immediate mark-to-market opportunity or potential redevelopment opportunity
Market rents in the submarket of Westchester continue to grow given the limited availability and average $60-72 per square foot depending on use
Strong Credit Tenant | Significant Deposit Base
Bank of America is the nation’s leading financial institution with a market cap over $300 billion
Long term occupancy
Huge deposit base at this location, currently holding over $325,000,000 – far above the national median of $50,000,000
Potential Owner-User | Redevelopment | High Identity Location
Located along the highly trafficked Pacific Coast Highway, just outside Los Angeles International Airport that welcomes over 76,580,000 passengers per year
Prominent building and pylon signage providing tremendous property and company identity
Signalized hard corner location on the area’s primary arterials, Sepulveda and Westchester Parkway with a combined 137,250 CPD
Westchester Parkway is the primary access point for all LAX employee parking, long term parking, LAX Metro Line Depot, CONRAC (new rental car depot), and the state-of-the-art People Mover that will become the primary ingress/egress to LAX
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