Private lender Parkview Financial has purchased a new headquarters building for $19 million in Brentwood. The property, at 11440 San Vicente Blvd., is near the company’s current headquarters. The 24,317-square-foot building is three stories tall.
Parkview will occupy the entire second floor of the building, with the seller occupying the ground level and a high net-worth individual occupying the top level. Parkview is investing $2 million to renovate its floor, which it will move into later this year. The company also plans to invest $6 million to modernize the building’s facade, which is expected to be completed in 2024.
The building was built in 1972 and has 49 parking spaces. The floor Parkview will occupy consists of 8,000 square feet, a large size increase from Parkview’s current 3,000-square-foot digs at 11601 Wilshire Blvd.
NAI Capital’s Tom Sexton and Michael Arnold represented Parkview Financial in the sale. Jones Lang LaSalle Inc.’s Daniel Rainer, Matt McRoskey and Andrew Harper represented the seller.
Paul Rahimian, chief executive and founder of Parkview Financial, said the new office space was necessary to accommodate Parkview Financial’s expansion.
“We outgrew our space,” Rahimian said. “We’re at that point where we are continuously growing and would hit the same issue in two years or three years, so we came to the conclusion that buying a space made sense.”
Rahimian said as the company continued to grow, it would have the option of occupying other floors at the property as well. He added that the company is “cramped” at its current building and liked the idea of being at a boutique property where the company would have more privacy.
“It’s an attractive feel for us and has more long-term capability than if we were to continue to rent and continue to expand,” Rahimian said. “It gives us a permanent look.”
Before the team occupies the space, Parkview Financial is working to add amenities such as a lounge and a bar to create more balance and entice employees to want to come into the office.
In the last two years, the company’s L.A. team has doubled in size to 15 employees. Rahimian expects that number to increase to 25 in the next two years, necessitating more space.
The company currently has 30 employees as a whole. Earlier this year, the company opened its first office in New York. Last year, the company opened an office in Atlanta.
The company also had a record-setting year as far as loan originations go, executing more than $1.2 billion last year, which doubled its previous record.
“During Covid, a lot of lenders took a pause and we took a short pause … but we were able to get things done at a time when others weren’t,” Rahimian said. “We made deals happen.”
Looking forward, Rahimian expects to open additional offices in the U.S. in the next few years. As the company grows, Rahimian expects to double the number of employees in the next two years as well. The company, which was founded in 2009, specializes in ground-up real estate financing, using a private real estate debt fund.
The company provides short-term bridge and construction loans.
Since launching its fund in 2015, the company has provided more than $3 billion worth of financing, with individual loans between $5 million and $200 million.
By Hannah Madans Welk
Los Angeles Business Journal