Cornerstone Real Estate Advisers LLC acquired the 801 Tower at 801 S. Figueroa St. in Los Angeles, CA from Mani Brothers Real Estate Group for $177.2 million, or about $386 per square foot.
The 25-story, 458,570-square-foot, 4-Star office tower was built in 1991 on nine-tenths of an acre in the Greater Downtown submarket, at the southwest corner of 8th St. in Los Angeles County. The asset has nine-foot ceilings, three subterranean parking levels, ground-floor retail, and 24-hour security.
Cornerstone and Mani Brothers were also able to negotiate a long-term lease extension with one of the largest tenants in the building before the property sold. Manning & Kass, Ellrod, Ramirez, Trester LLP re-upped its 80,328-square-foot lease in the 12th - 16th floors of the office building. Luke Raimondo with Savills Studley represented the tenant, while John Eichler with Cushman & Wakefield negotiated the lease renewal on behalf of the landlord. 801 Tower Sells for $190M in Los Angeles
Related StoriesShifts Along Sixth Avenue
New York City Office Sector Report (Q2 2014)