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10/31/14
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By Allen Wolfsheimer
CIM Group has selected CBRE to handle the office leasing for Two California Plaza, a 1.42 msf, 52-story, mixed-use building at 350 S. Grand Ave in downtown Los Angeles. CIM Group acquired the trophy asset in early 2014 as part of a seven-asset troubled portfolio the firm purchased from special servicer CWCapital Asset Management LLC.
The building is comprised of approximately 1.36 msf of office space and approximately 60k sf of retail and outdoor gathering spaces. It features a 1.5-acre water court, a unique office amenity in urban downtown LA.
CBRE’s Todd Doney, John Zanetos, Rob Waller and Chris Penrose comprise the leasing team for the building, constructed in 1992.
“The building boasts one of the largest opportunities for space in the prestigious Bunker Hill submarket,” added Doney, Vice Chairman. “The owner has a vision of transforming the office space into a vertical campus with a dedicated ground floor lobby and prominent building top signage to attract tenants in technology, media and entertainment. We are considering regional, national and global tenants for this special location.”
Two California Plaza is located near the Pershing Square metro stop, allowing for phenomenal access to public transit. Situated in the Bunker Hill submarket, the property is near to notable cultural venues and significant developments such as The Broad Museum, Disney Concert Hall, Los Angeles Museum of Contemporary Art (MoCA), Colburn School of Performing Arts, Grand Park and Grand Central Market, which was named one of Bon Appetit’s 10 best new restaurants in the U.S.
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