Advertisement

COMMERCIAL REAL ESTATE

Downtown L.A. Office Tower Sold

November 24, 1998|MICHELLE MALTAIS

CommonWealth Partners and the California Public Employees' Retirement System have acquired the 801 Tower building in downtown Los Angeles from Pacific Realty Trust in a deal valued at more than $87 million.

Los Angeles-based CommonWealth and CalPERS, doing business as Fifth Street Properties, paid about $200 per square foot for the 24-story, 436,000-square-foot office building at 801 S. Figueroa St., which was completed in 1992.

Pacific Realty Trust, a San Diego-based affiliate of Shidler Group, bought the property in April from Sinar Mas of Indonesia, that country's second-largest conglomerate. The deal was part of a $265-million portfolio sale necessitated by Asia's economic troubles. Sinar Mas bought the building for $61 million in 1996.

Major tenants include the law firm Graham & James and the international marketing firm Takenaka Corp.

Cushman & Wakefield Inc. marketed the property.

Advertisement
Los Angeles Times Articles
|
|
|