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The Real Deal Los Angeles

Sorgente Group sells historic Fine Arts Building in DTLA for $43M

Buyer is a Santa Barbara investment firm on behalf of wealthy family
April 28, 2017 02:30PM

The Fine Arts Building (Hannah Miet) and Veronica Mainetti outside its Lobby (R. Brodin, Getty Images for Sorgente Group of America)

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