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