Several interesting transactions and developments are underway in Los Angeles. Here is a look at just a few.
Redbury Hotel Purchased by Paul Allen Company
The Redbury Hotel, which is a boutique hotel located near the intersection of Hollywood and Vine, has been sold for $41 million to a company owned by Paul Allen. Designed by celebrity photographer Matthew Rolston and hotelier Sam Nazarian, the 57-room hotel has been known for its over-the-top flair since it opened in 2010. The hotel is also home to a contemporary Middle Eastern restaurant named Cleo and an indoor-outdoor lounge named Library.
Originally envisioned as a $50 million condominium building and extended-stay hotel by developer Palisades Development, plans changed when the developer ran into financial problems related to the recession. The property has since changed hands a few times before being purchased by Vulcan Inc., which manages real estate for Allen. Vulcan Real Estate also owns a 160-room Pan Pacific hotel in Seattle, but the purchase of the Redbury represents the first time Allen has dipped into the Southern California hotel market.
43-Story Tower Planned for Downtown LA
A parking lot at Eighth and Figueroa, which is located across the street from the FIGat7th shops, will soon be transformed into a 43-story tower. While there are only a few details available at this time, a recent filing with the city indicates the tower will be located on a one-acre plot on the eastern side of the intersection and on the edge of the Financial District. It will boast 10,000-square-feet at the street level for restaurants and shops while also featuring 463 residential units.
Garland Building Purchased for $210 Million
The Garland Center in City West has been reportedly purchased in a complicated deal involving a building sale and two ground leases. Located at 1200 West 7th Street, the 733,000-square-foot building was sold at a cost of $286 per square foot for a total of $210 million. The property consists of a nine-story office building, a subterranean data center and a detached 1,498 space parking structure originally constructed in 1983 as an operations center for First Interstate Bank.
Nelson Rising purchased the property along with partners H.I.G. Realty Partners and Silverpeak Real Estate Partners. The partnership purchased the two ground leases and both structures from a Wells Fargo entity and other investors. The partnership plans to lease the vacant space in the data center, which is currently leased at about 40 percent. The office portion is currently fully leased with tenants that include the Los Angeles Department of Parks and Recreation and the Los Angeles Housing Department. Plans are also in the works to add retail space along 7th Street, which is located just two blocks from the train station in an area that does not offer many shopping options.
These are a few examples of the major transactions and developments taking place around Los Angeles. To learn more about the area, including Southern California real estate opportunities, contact our team of luxury real estate experts. We specialize in high-end properties in the area’s most exclusive communities.
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(all data current as of 7/23/2017)
Listing information deemed reliable but not guaranteed. Read full disclaimer.