Greenland USA seeks buyer for massive Metropolis condo tower

The 56-story, 736-unit building in Downtown LA is unfinished

Los Angeles /
Feb.February 21, 2018 08:00 AM
Rendering of the Metropolis project (credit: highrises.com)

Greenland USA is seeking a buyer for one of its condominium towers at the Metropolis complex in Downtown Los Angeles, reflecting the firm’s growing troubles with the massive $1 billion development.

The company, the U.S. arm of Shanghai-based Greenland Group, also listed the 350-key Hotel Indigo in the same complex earlier this month.

Dubbed Metropolis Tower 3, the 56-story, 736-unit condominium building is under construction. It is being marketed as an opportunity for a new developer to complete the project and rent out units as luxury apartments, CoStar reported.

Onno Zwaneveld of CBRE has the listing, which does not include a price.

Greenland already completed construction on most of the 6.5-acre site. The 308-unit Tower 1 was about 80 percent sold as of December, while the 514-unit Tower 2 is in pre-sale. Combined, the 3.3 million-square-foot project is set to deliver 1,500 units and 70,000 square feet of retail space.

Greenland is already shopping the Hotel Indigo, an 18-story hotel building in the complex that is operated by InterContinental Hotels Group. The price on that is a reported $280 million.

Rumblings of trouble regarding the Metropolis first circulated in the fall, when the Agency took over condo sales for the project from Douglas Elliman.

Recently, the Chinese government has pushed back on overseas spending, leaving many real estate firms at odds with their ongoing projects in L.A. Unlike most other companies, Greenland is still heavily invested, considering its massive projects in New York and construction in L.A.

Dalian Wanda Group, another major Chinese investor, is also shopping its biggest asset in L.A., One Beverly Hills, along with four other projects around the world.  [CoStar] — Natalie Hoberman


Related Articles

arrow_forward_ios
Blackstone's Stephen Schwarzman with 6700 8th Street, 22642 Lambert Street and 23512 Commerce Center (Getty, PS Business Parks, LoopNet)
OC portfolio with 1.1M sf part of Blackstone acquisition
OC portfolio with 1.1M sf part of Blackstone acquisition
Brookfield’s Brian Kingston with 425 East Colorado Street (Brookfield's Real Estate Group, LoopNet)
Brookfield sells Glendale office building to owner-occupier
Brookfield sells Glendale office building to owner-occupier
Joel Schreiber and 801 South Broadway (Google Maps)
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Former WeWork investor enters Chapter 11 for DTLA “metaverse hub”
Redcar Properties' Jim Jacobsen and 843 North Spring Street (LinkedIn, Lever Architecture)
Offices built with cross-laminated timber coming to Chinatown
Offices built with cross-laminated timber coming to Chinatown
Initiative to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Voters to decide whether LA hotels should house the homeless
Long Beach (Illustration by The Real Deal with Getty)
Downtown Long Beach office vacancy highest in 20 years
Downtown Long Beach office vacancy highest in 20 years
Jamison Properties' Jaime Lee with the Pierce National Life Building (LinkedIn, Google maps)
Koreatown office building poised for residential conversion
Koreatown office building poised for residential conversion
SteelWave's Barry DiRaimondo with 1382 Bell Avenue (LinkedIn, JLL)
SteelWave sells Tustin office building for $91M
SteelWave sells Tustin office building for $91M
arrow_forward_ios

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

Loading...