Little Tokyo office building trades for $18M

The area has seen a flurry of recent sales activity

TRD LOS ANGELES /
Feb.February 09, 2018 02:00 PM
321 East 2nd Street (Credit: Charles Dunn Company)

A joint venture acquired a 10-story office building in Little Toyko for $18 million, in a neighborhood that has seen a recent flurry of construction and sales activity.

The buyers, both identified as Delaware-based LLCs are listed as: Gramercy 321 East Second, and CS 321 East 2nd Investors. Both were incorporated in the last two months. The seller was an unidentified tenant-in-common group.

The 54,800-square-foot office at 321 East Second Street, near the intersection of San Pedro Street, has a single tenant, the U.S. General Services Administration.

The office building was built in 1965 and renovated eight years later. It is a few blocks from the Arts District. It’s also close to City Hall and the Metro Purple and Red Line at the Civic Center/Grand Park Metro.

The Charles Dunn Company advised on the sale.

There have been a few notable transactions in the area recently. Fashion merchant Dae Young Lee announced last year a plan to develop 1,000 apartments at the Little Tokyo Galleria complex, a few blocks from 321 East 2nd Street. In June, the Chinese firm Han’s Group USA paid $115 million for the DoubleTree by Hilton, one block northwest of the tower.


Related Articles

arrow_forward_ios
Equity Residential CEO Mark Parrell and a rendering of the 4th and Hill tower

Equity Residential’s long-stalled DTLA residential tower project is back

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Bill Watanabe, LTCIF’s chairman and president and Little Tokyo

Little Tokyo advocates launch community real estate fund

Los Angeles City Planning Commission President Samantha Millman and a rendering of the Flower Market project (credit: Brooks + Scarpa and Twitter)

Development bloom: SoCal Flower Market mixed-use project in DTLA clears hurdle

Downtown Los Angeles (credit: Jeff Cleary and Laurie Avocado)

Rezoning Downtown — Skid Row included — must include more affordable housing, advocates say

Lizard Capital CEO Bingyi Huang and a rendering of the Spring Street Hotel

Appeal settled, Lizard Capital’s jagged-look DTLA hotel project has start date

Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael S. Frankel

Rexford signs film and TV props supplier to giant warehouse lease Downtown

The Skid Row City Limits mural

LA wants to rezone Skid Row to allow 100K units of new housing

arrow_forward_ios