Ivanhoé and Callahan Buy Historic Los Angeles Office Complex
PacMutual was transformed by Rising Realty Partners into one of the most sought-after office properties in downtown Los Angeles, and now Ivanhoé Cambridge and Callahan Capital Properties have acquired the historic complex for US$200M. Partner Chris Rising tells Bisnow his company—which purchased PacMutual in 2012 for just $60M and sank $20M into its renovation—gave 100 tours and received 20 offers for the 464k SF property (three interconnected buildings at 523 W 6th St constructed between 1908 and 1926) in the few months it's been on the market.
PacMutual—LA’s only LEED Platinum historic building—sits in the heart of the city’s financial district, close to the 7th Street retail corridor, LA LIVE entertainment complex, Staples Center and mixed-use developments like The Bloc and Wilshire Grand. Ivanhoé EVP Arthur Lloyd says the property’s “location, quality and appeal for the creative economy align remarkably with our long-term investment strategy” in key US cities. Callahan CEO Tim Callahan, noting that the deal is the first acquisition for his firm and Ivanhoé in LA to date, said the partnership hopes to expand its presence in the market "over time."