Held Properties Completes $43 Million Sale of 100 UCLA Medical Plaza
Held Properties, Inc., the distinguished privately held real estate company headquartered in Century City, has completed the $43 million sale of 100 UCLA Medical Plaza to the Regents of the University of California,
Los Angeles, CA (PRWEB) July 6, 2009 -- Held Properties, Inc., the distinguished privately held real estate company headquartered in Century City, has completed the $43 million sale of 100 UCLA Medical Plaza to the Regents of the University of California, announced company President Robert D. Held.
Currently, 100 UCLA Medical Plaza is 100% leased with a stable tenant base. Held has owned and managed the property since it was built, during which time Held expanded its tenant roster to include world-renowned physicians from beyond the UCLA medical community. This leasing strategy was key to strengthening the building's reputation as a hub for top medical experts and enhancing the asset's long-term value.
"We are pleased that our long history with this premier building will culminate as it began - with a mutually successful association between Held Properties and UCLA," said Mr. Held. The company will continue to develop and invest in quality medical and office buildings in Southern California, he added. "This sale paves the way for significant new acquisitions during an outstanding time for buying. It is indicative of our focused pursuit of new, high-quality medical and commercial properties," Mr. Held said.
100 UCLA Medical Plaza is located adjacent to the Ronald Reagan UCLA Medical Center at the entrance to the UCLA campus. The seven-story, 123,000-square-foot medical office building marks the gateway to one of the most prestigious medical complexes in the country.
Held Properties and construction partner Jones Brothers completed 100 UCLA Medical Plaza in 1991, after winning the right to develop the building through a public competition conducted by UCLA. Held Properties developed the prominent building from the ground up, and delivered the project on time and on budget for UCLA.
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