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2/22/21
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California Community Foundation purchased a 54.7k sf office property in Downtown Los Angeles for $15.4 mil, or $282/sf. Built in 1978, the building is located at 717 West Temple St, in downtown’s C.B.D.
The property is a four-story, freestanding, glass and steel office building with six parking levels. It has a Walk Score of 85 and Transit Score of 100. Tenants can walk to restaurants, entertainment, and government buildings. The property also has excellent proximity to public transportation and has immediate access to the 5, 10, 101 and 110 freeways.
The building was delivered vacant at the close of escrow. California Community Foundation will use the building for their headquarters and for convening space that will be available to other non-profit organizations in Los Angeles. This purchase ends a 15-year search for a property for the organization to buy and occupy as their long-term home.
Executive Vice President Chris Runyen with NAI Capital Commercial’s Investment Services Group represented the buyer in the transaction. The seller, First City Credit Union, was repped by Edwards Commercial Inc.
“Opportunities to purchase owner-user buildings in any area of the city have been extremely scarce for the past several years,” commented Runyen. “717 West Temple became available at the perfect time for California Community Foundation, was the perfect size for current and future needs and in the perfect location.”
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