Brookfield Buys Stake In California Market Center For $440M
New York's Brookfield just bought a controlling stake in the California Market Center for $440M from Jamison Services, which remains a partial owner of the center.
Brookfield's plans are to make the property into a mixed-use and creative office campus, the LA Times reports.
The California Market Center opened 54 years ago. The mart, at 110 East Ninth St., has more than 1,000 showrooms in three buildings.
Aside from the California Market Center, Brookfield owns 8.6M SF of office space in DTLA.
“Jamison is proud to partner with Brookfield on our shared vision to advance the California Market Center as the premier creative and fashion business, event and activity center in DTLA," Jamison Realty CEO Jaime Lee said in a statement.
Newmark Knight Frank Capital Markets President, West Coast Kevin Shannon and Executive Managing Director Ken White repped both parties in the off-market agreement.