Little Tokyo office building trades for $18M

The area has seen a flurry of recent sales activity

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
Rendering of the project (NMDA for CIM Group)
CIM drops residential units at proposed West Hollywood hotel
CIM drops residential units at proposed West Hollywood hotel
Renderings of One Beverly Hills and Beny Alagem. (One Beverly Hills, Getty)
Beny Alagem’s $2B Beverly Hills project gets go-ahead
Beny Alagem’s $2B Beverly Hills project gets go-ahead
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
The Chateau Marmont (Getty) and protest signs (Unite Here Local 11)
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
Chateau Marmont workers say iconic West Hollywood hotel misused rescue funds
(Proper Hotel, Google Maps)
Downtown LA’s Proper Hotel to open in July after years of delays
Downtown LA’s Proper Hotel to open in July after years of delays
Small Business Administration administrator Isabel Guzman (Getty, iStock)
Starved for relief: Restaurants seek $76B, far more than budgeted
Starved for relief: Restaurants seek $76B, far more than budgeted
Goodman CEO Greg Goodman and a rendering of the facility. (Goodman)
Goodman’s massive logistics center will target e-commerce tenants
Goodman’s massive logistics center will target e-commerce tenants
California is waiting to adopt the CDC maskless decision. (Getty)
California still says mask up at office, for now
California still says mask up at office, for now
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...