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The Real Deal Los Angeles

Musical Chairs at Metropolis: Agency team takes over Tower 2 sales, leaving Tower 1 to new agent

James Harris and David Parnes are now co-listing the penthouse collection
By Natalie Hoberman | May 09, 2018 05:00PM

Renderings of Tower 2 at Metropolis (Credit: Binyan)

Amid a long construction cycle, the musical chairs continues at Metropolis.

The Agency team selling condos at Greenland USA’s three-tower project in Downtown Los Angeles is now handling sales at Tower 2, leaving the remaining unsold units to another agent. The 308-unit tower, which was completed in June, is 80 percent sold, the brokerage said Wednesday.

Lapchih Fan, an agent at LF8 Real Estate, will handle the remaining 60 or so units.

James Harris and David Parnes, also at the Agency, are now co-listing all of the penthouses in the development with the Agency Development Group.

Prior to the Agency, New York-based Douglas Elliman held the listing for the 1,500-unit condo project. The Agency Development Group, led by Mike Leipart, took over the $1 billion project late September.

The moves at Metropolis come as many Chinese companies are pulling back on their investments in the U.S., in part due to pressure from the Chinese government to curtail the amount of capital flowing out of the country.

In recent months, the American arm of the China-based Greenland Group has put two of its towers up for sale. The company is shopping the 350-room Hotel Indigo, which was completed in early 2017, as well as the 736-unit Tower 3, which is still under construction.