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Sorgente Group sells historic Fine Arts Building in DTLA for $43M
![The Fine Arts Building (Hannah Miet) and Veronica Mainetti outside its Lobby (R. Brodin, Getty Images for Sorgente Group of America)](https://static.therealdeal.com/wp-content/uploads/2016/10/Fine-Arts-Building-DTLA-Veronica-Mainetti-by-Rochelle-Brodin-Getty-Images-for-Sorgente-Group-of-America.jpg)
The intricately designed Fine Arts Building at 811 W. 7th Street in Downtown Los Angeles has found a buyer, in a deal that closed this week.
Seller Sorgente Group of America, headed by Veronica Mainetti, sold the building for about $43 million, or $370 a square foot, to Santa Barbara investment firm Manchester Capital Management on behalf of a wealthy family, according to a release from Newmark Grubb Knight Frank, which brokered the deal.
The U.S. subsidiary of the Rome-based Sorgente Group purchased the 12-story tower in 2012 for $28.5 million, the Los Angeles Times reported.
The historic property hit the market in September following months of off-market murmurs, The Real Deal previously reported. At the time, sources told TRD Sorgente was expecting to get roughly $45 million, or $388 a square foot, for the 115,900-square-foot building. [LAT] — Subrina Hudson