The iconic Southern California Edison building, better known as The CalEdison, in downtown Los Angeles has been sold.
New York-based GreenOak Real Estate has acquired Hermes Investment Management and the Lionstone Investment’s collective interest in the CalEdison in a deal reported at more than $140M.
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JLL's Steve Collins, Paul Spellman and Tom Bohlinger represented Hermes and Lionstone.
JLL also secured the $111M loan for the new owner, according to the Los Angeles Business Journal.
Rising Realty, which holds an interest in the CalEdison, still owns its percentage and will continue operating and managing the building. GreenOak is the majority partner. The New York private equity firm is in the process of merging with Toronto-based Bentall Kennedy, forming a $1B company.
“GreenOak is one of the world’s finest real estate investors with a strong track record of success in Downtown Los Angeles," Rising Chairman and CEO Nelson Rising said in a statement. "We’re very pleased that our first partnership is at The CalEdison and look forward to working with them to further execute our vision to fully transform this landmark asset.”
Rising Realty, Lionstone and Hermes acquired the landmark 287,615 SF 14-story building in 2015 for a reported $92M.
Built in 1931, the Art Deco-style building in the heart of downtown's financial district was the former headquarters of the Southern California Edison Co.
The building was one of the first all-electrically heated and cooled buildings constructed in the western U.S., according to the Los Angeles Conservancy.
“This historic building is in one of the most prominent locations in DTLA and is close to two major transit hubs," Bohlinger, JLL's managing director, said in a news release. "In addition to its excellent location it is one of the finest examples of Art Deco architecture in the area."
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