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Downtown California Plaza Land Sells For $103M
December 14, 2016
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Beacon Capital Partners and CIM Group recently bought the land beneath the buildings they own at California Plaza in DTLA, totaling six acres.
Beacon Capital Partners bought land under One California Plaza last month for $33.4M, while CIM Group bought property under Two California Plaza for $70M, the LA Business Journal reports.
The former Community Redevelopment Agency for the City of LA sold the parcel.
The 31-year-old One California Plaza consists of 1M SF and its tenants include Aecom and Bank of the West.
The 52-story Two California Plaza was built in 1992 with 1.3M SF. Merrill Lynch and Reliance Steel are among the tenants.
Beacon and CIM pay annual rents of $3.2M on their 66-year ground leases on the properties. [LABJ]
