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September 23, 2017
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Downtown LA’s Fine Arts Building Trades in $43 Mil Deal

5/01/17

In news of a recent investment buy in Downtown LA, Manchester Capital Management paid $43 mil for the Fine Arts Building, a 12-story 115.9k sf ($371/sf) historic creative office building situated in the heart of downtown’s Financial District. The asset was sold by Sorgente Group of America.

Built in 1926 and renovated in 2016, the Fine Arts Building is located at 811 West 7th St. It is 87.5% leased to a mix of tenants including its anchor tenant, WeWork, one of the fastest growing office space operators in the United States, which occupies 39 percent of the building. Additional tenants include Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis, SWA, among others.

The property is centrally located on 7th Street’s “Restaurant Row” and is within walking distance to world-class restaurants, coffee, bars, hotels, LA Live/Staples Center, the Broadway Theatre District and Metro subway stations.

With ornate, turn of the century charm, the Fine Arts Building features Romaneque Revival architecture and is is one of Los Angeles’ most beautiful office buildings. It was designed by architects Albert Raymond Walker and Percy Augustus Eisen and was declared a historic cultural monument in 1974. Design elements include majestic architecture reminiscent of a Renaissance palace, exquisite paintings, Batchelder tiles and sculptures such as Burt Johnson’s bronze masterpiece in the lobby.

Kevin Shannon, Ken White, Laura Stumm Gibran Begum with NGKF Capital Markets represented both the buyer and the seller in the deal.





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