Historic Building Trades Hands In Downtown Los Angeles
26 Jan, 2006, Los Angeles, CA
Cushman & Wakefield Negotiates Sale of Landmark Property
Alliance Commercial Partners, a privately held real estate operating and investment company, represented by Steve Provencio, has acquired Pacific Center located at 523 West Sixth Street in Los Angeles for approximately $65 million. Richard Plummer, John Eichler and Andrew Harper of Cushman & Wakefield exclusively represented the seller, Holualoa Companies (local representative - Aroon Chinai), in the transaction.
A landmark historic office property in the Los Angeles CBD and a favorite setting for filmmakers, Pacific Center comprises three connected buildings totaling 415,000 square feet and is home to such prominent tenants as The Water Grill, The United Way and American Business Bank. It was originally built in 1921 for the Pacific Mutual Life Insurance Company as their national headquarters and underwent extensive renovation programs in 1985 and 1992, including upgrading common areas, HVAC, fire life/safety systems, and a major rehabilitation of the parking garage-to-building thoroughfare. The property was 75% leased at the time of the sale.
In 2003 and 2005, Pacific Center received BOMA's highly respected Building of the Year Award in the historic building category.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 189 offices in 57 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.