LA County had four of the biggest US deals in Q2
Updated: July 6th, 2016, 12:46 p.m.: New York City may have maintained, predictably, its stronghold on massive single-property real estate deals in the second quarter of 2016, but the City of Angels snuck a few in as well. The Real Deal broke the news of all four deals.
Under commercial deals, the eleventh biggest sale by price per square foot was the Apollo at Rosecrans in El Segundo. As TRD reported in May, buyer Intercontinental Real Estate dished out $328 million, or $600 a square foot, for the creative office complex. That was nearly six times what seller Invesco paid for the property in 2013.
No. 14 on the list, compiled by REAlert, is the former headquarters of CBRE at 400 South Hope Street. CBRE Global Investors sold the 26-story building in DTLA for $330 million, or $471 per square foot, to a joint venture between Pittsburgh-based PNC Financial Services Group and Munich, Germany-based real estate fund manager GLL Real Estate.
The Garland Center in Downtown L.A. comes in at number 19. Rising Realty Partners bought the 773,000-square-foot structure for $210 million, or $286 per square foot, last month, TRD reported.
Finally, under multi-family transactions, One Santa Fe takes fourth place, as it traded hands for $200 million, or $460,829 per apartment, in June. TRD broke the news that the Boston-based Berkshire Group had acquired the massive Arts District development in a ground lease that will remain in effect until 2090. The sellers were McGregor Brown Company, Cowley Real Estate Partners and Polis Builders and Canyon Partners Real Estate. [REAlert] — Cathaleen Chen
Correction: This story has been updated to reflect that Nelson Rising’s Rising Realty bought the Garland Center.