The Real Deal Los Angeles

Japanese firm active in NYC plans 436-unit residential tower in DTLA

Mitsui Fudosan America has filed plans to build a 43-building highrise

June 06, 2016 02:13PM

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MFA CEO John Westerfield and the Figueroa Street site

MFA CEO John Westerfield and the Figueroa Street site

Updated, 11:27 A.M., June 14: Two years after the debut of its West Coast office in San Francisco, the American investment arm of Japanese development firm Mitsui Fudosan is about to make a major mark on the L.A. skyline.

Mitsui Fudosan America (MFA), a subsidiary of the Tokyo-based Mitsui Group, is planning a 43-story residential tower in Downtown Los Angeles on the corner of 8th and Figueroa Streets.

The mixed-use development includes more than 430 residential units as well as 10,043 square feet of ground floor commercial and retail space, according to documents filed with City Planning. The over five-acre site is currently a parking lot that stretches between 732 and 756 South Figueroa Street, across from the FIGat7th shopping mall.

Mitsui Fudosan has a heavy presence in New York and acquired late last year a $300 million development at 200 Amsterdam Avenue in Manhattan in partnership with SJP Properties. Its other holdings include the 1.3-square-foot 55 Hudson Yards, 1251 Sixth Avenue at Rockefeller Center, the 41-story rental tower at 160 Madison and a boutique office building at 527 Madison Avenue.

Last June, the firm bought a majority stake in Taconic Investment Partners’ massive Hell’s Kitchen housing complex at 525 West 52nd Street.

In L.A., MFA owns one other property — another downtown parking lot at 8th, Grand and Hope Streets. Current plans call for condos, hotels or both, according to its website. At one point, it also owned the AT&T building, which was sold in 1999. Mitsui Fudosan could not be immediately reached for comment. — Cathaleen Chen

Correction: An earlier version of this story suggested that the residential tower would be Mitsui Fudosan’s first major construction in L.A. The firm built a titular building on the northwest corner of Wilshire Boulevard and Figueroa Street in 1990. It was sold in 1999.