Where do core funds buy in Los Angeles?

Trophy submarket — Century City — and the most defensible long-WAULT assets within it.

For institutional fund strategies, Century City carries the strongest investor flag in Los Angeles, with prime yields around 5.8%.

Trophy submarket (Century City) carries the strongest investor flag.
Prime yield: 5.8%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Los Angeles office fund strategy and flag

For institutional fund strategies, Century City carries the strongest investor flag in Los Angeles, with prime yields around 5.8%.

TL;DR

Trophy submarket (Century City) carries the strongest investor flag.
Prime yield: 5.8%.
Core funds buy income; value-add buys repositioning of secondary stock.
Cap-rate spread between trophy and secondary has widened post-2022.

Where core funds buy

Core capital concentrates in trophy stock with long-WAULT income. In Los Angeles, that's Century City and assets like Century Plaza Towers, Century City — Constellation Place.

Where value-add looks

Value-add capital looks at secondary Class A and convertible Class B with repositioning angle. The trophy/secondary cap-rate spread has widened post-2022, which has reopened the value-add basis for repositioning plays.

Key facts

city	Los Angeles
country	United States
region	Americas
classARentLocal	65 USD/sqft/yr
classARentUsd	$65/sqft/yr
vacancy	22.5%
typicalLeaseYears	7
typicalRentFreeMonths	14
submarkets	6
primeYieldPct	5.8%
primeYield	5.8%
trophyAnchor	Century City

Frequently asked questions

Where do core funds buy in Los Angeles?: Trophy submarket — Century City — and the most defensible long-WAULT assets within it.

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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