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6/06/16
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Here’s news of a very significant downtown Los Angeles investment opportunity that has come on the market – the 2.4-acre and 3.6-acre sites beneath the iconic, Class A office towers of One and Two California Plaza. One California Plaza is a 42-story, 1.1 msf office tower, while Two California Plaza is a 52-story, 1.3 msf office tower. The sites are subject to long-term absolute net ground leases with 66 years remaining.
CRA/LA, a Designated Local Authority, is the successor to the Community Redevelopment Agency of the City of Los Angeles. State law requires that CRA/LA dispose of these assets at fair market value.
Cushman & Wakefield is handling this disposition for CRA/LA. Since 2015, Cushman & Wakefield has sold or is in the process of selling a total of 50 assets for the CRA/LA.
“These offerings are two of CRA/LA’s highest profile assets. They demonstrate the positive results of the public-sector/private-sector collaboration and the intent of the CRA/LA’s original mission,” said Commissioner Mee Semcken, Vice Chairperson of the CRA/LA-DLA Governing Board.
“Downtown Los Angeles represents one of the most compelling urban transformation stories in the country. The opportunity to acquire such irreplaceable sites that generate long-term income akin to an investment grade credit bond while offering significant value appreciation potential is truly unique in our industry,” according to Marc D. Renard, Vice Chairman of Cushman & Wakefield’s Capital Markets Group.
Marc Renard, Jimmy Chai, and Manfred Schaub with C&W’s Downtown Los Angeles office are the account team exclusively representing the CRA/LA. The public sale launches on June 3, 2016 with offers due July 12, 2016.
In addition to the portfolio being marketed for sale by Cushman & Wakefield, CRA/LA’s approved long range property management plan includes properties that have been optioned to the City of Los Angeles for future development.
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