The Real Deal Los Angeles

Bonnis Properties shells out $52M for Foreman & Clark Building

Seller bought the property for $24.3M in 2008
March 31, 2016 02:30PM

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The Foreman & Clark Building

Canada-based investment firm Bonnis Properties has purchased the famed the Foreman & Clark Building in Downtown Los Angeles for $52 million.

The company plans to reposition the 13-story, 147,346-square-foot building, at 404 West 7th Street, as a residential and retail property. A spokesperson for Bonnis did not immediately respond to a request for comment.

The seller, L.A.-based Dr. Kyung Ku Cho, had owned the Jewelry District property since 2008, when he bought it for $24.3 million, records show.

Avison Young’s Derrick Moore represented the buyer, while Phillip Sample and Chris Caras of CBRE had the listing.

“This is a significant property acquisition for the Downtown L.A. market, and the renovation and impact of the retail and residential units will further bolster the rapid growth and improvement of the Jewelry District, which is poised to transform into a thriving retail and residential hub,” Moore said in a statement.

The property, which was originally built for the department store Foreman & Clark was vacated last year after the seller filed plans for a boutique hotel. – Katherine Clarke