Downtown California Plaza Land Sells For $103M
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]