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The Real Deal Los Angeles

Little Tokyo office building trades for $18M

The area has seen a flurry of recent sales activity
By Dennis Lynch | February 09, 2018 02:00PM

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.