Cornerstone Real Estate Advisers LLC acquired the 801 Tower at 801 S. Figueroa St. in Los Angeles from Mani Brothers Real Estate Group immediately after the seller renewed the building's anchor tenant, law firm Manning & Kass, Ellrod, Ramirez, Trester, for 80,328 square feet.
Cornerstone purchased the 25-story, 458,570-square-foot office tower for $177.2 million, or about $386 per square foot.
The law firm agreed to restructure its existing lease and sign a long-term lease extension in the building where its corporate headquarters has been located since 2006. The firm occupies floors 12 through 16.
Luke Raimondo, corporate managing director in Savills Studley’s downtown Los Angeles office, represented Manning & Kass in the transaction. John Eichler of Cushman & Wakefield represented Mani Bros. After Renewing Anchor Tenant, Mani Bros. Sells 801 Tower for $177.2M in Los Angeles
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