Essex Trust Buys DTLA High Rise for $200M
Wood Partners has sold 8th+Hope, a 22-story, 290-unit luxury glass high-rise to Essex Property Trust. The complex is one of the first post-recession residential towers to be built and listed for sale, with Wood Partners' saying the building received loads of interest. The property, which opened last summer, is 55% leased and has some pretty sexy amenities, including a 10k SF rooftop deck and club room with retractable glass walls that lead to an outdoor social/dining area, spa, fire pit and garden retreat.
The sale is just another example of DTLA's big year, which has already seen the multifamily construction completed on the massive 438-unit One Sante Fe mixed-use project, which runs 1,624 feet long in the DTLA Arts District. In addition, King's Arch has plans to sink $5M into making over a historic art deco building at 537 S Broadway. The city was already expecting three major openings this fall, including The BLOC from Ratkovich Co (above). As we told you just a few weeks ago, DTLA already boasts some of the priciest office buildings in LA.
