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Office Property in LA’s Little Tokyo District Trades for $18 Mil

2/12/18

A freestanding, 54.8k sf office property in Downtown LA’s Little Tokyo District has sold for $18 mil ($328/sf). The 10-story property is located at 321 East Second St, just a short walk from the Arts District and close to Civic Center, the courthouse and many amenities, including financial institutions, restau¬rants, and business support firms.

John Anthony, Chris Steck and Chris Giordano of Charles Dunn Company represented the seller, a tenant-in-common group. The buyers, Gramercy 321 East 2nd LLC and CS 321 East 2nd Investors LLC were represented by Janet Neman, also with Charles Dunn.

According to Anthony, the property is 100% leased to a stable tenant with excellent credit: the Federal Public Defenders office of the U.S. General Services Administration. “The Little Tokyo submarket of Downtown continues to evolve and the location of 321 East 2nd Street positions the asset to be a part of the bright future of the area,” noted Anthony.

With Downtown Los Angeles to the west and the Arts District to the south, the Little Tokyo neighborhood is right in the center of the city’s rapid renewal and development plans. Thanks to its pedestrian-oriented streets, Little Tokyo offers a distinct identity to the downtown scene by providing a unique intersection of art and history. With new transit options opening and more residential units coming on line, Little Tokyo is likely to boost its distinction as a walkable transit village.







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