Brothers Kamyar and Joseph Shabani are the new owners of The Atrium Building located at 860 Via De La Paz, which they purchased for around $11.5 million.
Joseph Shabani said the deal closed on Nov. 10.
The brothers are planning on modernizing the building and making it look more contemporary, Joseph said, adding that the work will focus mostly on the building’s facade for now.
Rich Schmitt/Staff Photographer
Interior and exterior landscaping will improve the building’s overall look and there will be some more enhancements too, he said.
The two brothers also own buildings in West Hollywood, Pico Rivera and other areas throughout Los Angeles.
“We strive to fit the aesthetics of communities where our buildings are located,” he said.
Kamyar Shabani said they have been meeting with architects and expect to get permits to begin the work in the next five months or so.
Plans for the improvements will be presented to the Pacific Palisades Design Review Board before they move forward, he said.
The goal is to bring businesses here that people want, according to Kamyar.
The building is less than three blocks from Rick Caruso’s Palisades Village property.
“Rick Caruso is a tremendous developer, and we all have a lot to learn from him,” Joseph said. ”The fact that he is building a very large project there is a big draw for us.”
Although Caruso’s development was a factor in their decision, Joseph said that they would have purchased the building regardless.
“The community here is phenomenal,” Joseph said. “It’s a great town. I love that people here will stop and talk to our building manager.”
The building is now about 85 percent occupied and the developers are hoping to reach a leasing average of about $4.50 per square foot for space in the building.
The brothers said they were expecting the building to be completely occupied in the next 60 to 90 days.
“We haven’t put any ads, and they are leasing,” Joseph said.
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