The Real Deal Los Angeles

Colburn School buys its longtime rental space for $1.6M

Developer Jeffrey Fish was eyeing the same property

August 16, 2016 02:00PM

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The Colburn School at 200 South Grand Avenue

The Colburn School at 200 South Grand Avenue

The Colburn School will not lose its Downtown home after all, despite developer Jeffrey Fish’s bid for the same property.

The performing arts academy has purchased the land beneath its foundation at 200 South Grand Avenue for $1.6 million from the now-defunct Community Redevelopment Agency, according to Los Angeles Downtown News.

The sales price matches what Fish offered to pay in October, but months before the deal was worked out, the developer said his company JMF Development was deceived by the state agency and threatened to sue.

“This landmark transaction ensures that the Colburn School will remain a vital presence Downtown for decades to come and in complete control of its future here on Grand Avenue,” the school said in a statement.

At the time of the purchase, the school was still early into its 99-year round lease. [LADN]Cathaleen Chen