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Los Angeles Mixed-Use

TAKING AN INTEREST IN 1540 BROADWAY

Long-forgotten boy band O-Town said it best: "I've had the rest of you; now I want the best of you." That's what Edge Fund Advisors and HSBC Alternative Investments got when they purchased the remaining 51% of 1540 Broadway from CBRE Investors last week.This morning, CBREI Strategic Partners principal Mark Zikakis told us the tiered sale of the building has paid dividends. CBREI bought the place in March '09 for $355M and sold 49% to Edge and HSBC in November based on a total building value of $520M. By last week, the building was valued at $679M. Of course, occupancy had shot up from 76% to 92%. Yahoo has the biggest block: 55k SF, and Adobe has a 27k SF floor. 10 others have also signed leases recently, including for the top nine floors, which CBREI built into 2,000 to 6,000 SF spec suites that proved popular with financial services firms.

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