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The Real Deal Los Angeles

Cal Plaza land sells for $103M

Beacon, CIM bought the parcels beneath their respective properties

CIM co-found Shaul Kuba and the California Plaza towers

The land beneath California Plaza has sold for a combined $103 million to two separate companies who own the individual towers, the L.A. Business Journal reported.

Beacon Capital Partners purchased the land beneath One California Plaza for $33.4 million, while CIM Group purchased the parcel beneath Two California Plaza for $70 million. The two companies both have 66-year leases on their respective buildings and pay annual rent of $3.2 million.

They paid $144.5 million and $297.7 million for their buildings in 2013 and 2014, respectively.

The seller was CRA/LA, the city’s now defunct community redevelopment agency, which shuttered in 2012. Cushman & Wakefield’s Marc Renard, Manfred Schaub, and Jimmy Chai helped the agency sell off its assets beginning in 2015, the Journal said.

The 1 million-square-foot One California Plaza is home to tenants such as Aecom and Bank of the West. The 1.3 million-square-foot second tower counts Merrill Lynch and BlackRock as tenants. [LABJ]