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Following the successful acquisition, the firm has been awarded the exclusive leasing and property management assignments for the +1M SF asset.
“Our partnership with the Colliers team allowed us to source, structure, and execute this transaction. Their expertise and guidance were instrumental in effectuating this monumental acquisition, and we are thrilled with the outcome,” said Ryan Hekmat, Managing Partner of Uncommon Developers.
Vice Chair Sean Fulp, Executive Vice President Mark Schuessler, and Associate Vice President Jordan Garcia of Colliers’ office capital markets practice led the acquisition as exclusive advisors to the Buyer. Vice Chair Matthew Heyn and Executive Vice President Ian M. Gilbert of the firm’s Integrated Advisory Services Team will lead leasing efforts. Real Estate Management Services’ Kevin Rude, Regional Managing Director, West Coast, and Tina Minook, Regional Managing Director, California, will lead full-service property management.
“This transaction demonstrates the strength of our relationships, our insight into repositioning marquee assets, and our team’s commitment to leading the next chapter of office investment across Los Angeles and the West Coast,” said Sean Fulp.
“This is a landmark sale for Downtown L.A. that highlights our team’s ability to creatively structure deals and source the most aggressive capital on the largest office assets across the Western Region,” said Mark Schuessler.
“This complex transaction involved multiple stakeholders and required our deep market knowledge, relationships, and a structure with a deed-in-lieu and seller financing to align all parties,” said Jordan Garcia.
Built in 1990 at the high-profile intersection of Figueroa and Wilshire Blvd., the 52-story tower stands as a prominent landmark in the heart of Downtown Los Angeles. Its locale offers walkability to ample dining and retail destinations, immediate access to the 110 Freeway, and access to the most robust public transportation hub in Los Angeles County. Select property features include dual open-air lobbies, a tenant lounge, a state-of-the-art fitness center, 50 electric vehicle stalls, executive valet parking, and more.
"The sale and awarding of leasing and management for such a high-profile office tower is yet another testament to the collaboration and integration of our advisory services of capital markets, leasing, and property management,” said Ricardo Pacheco, Managing Director, Los Angeles & Santa Barbara.
Newmark’s Kevin Shannon, Ken White, Rob Hannan, Laura Stumm, and Michael Moll represented the seller.
