Ivanhoe Cambridge and Callahan Capital recruit firm to lease up PacMutual

Joint venture purchased the three-building office campus for $200 million in 2015

Jun.June 12, 2018 08:00 AM
Ivanhoe Cambridge Chairman and CEO Daniel Fournier & Callahan Capital Properties CEO Timothy Callahan, with the property

Nearly two years after online retailer Nasty Gal closed its 50,000-square-foot offices at the PacMutual building amid a bankruptcy, the building’s latest owners are looking for a fresh start.

Ivanhoe Cambridge and Callahan Capital Properties, owners of the three-building office campus in Downtown Los Angeles, hired commercial real estate brokerage Cushman & Wakefield to handle office and retail leasing at the property, the companies announced Monday.

Combined, there’s over 446,000 square feet spread out across the three interconnected buildings. Located at 523 W. 6th Street in Downtown, the PacMutual complex includes the Sentry Building, Clock Building and Carriage House.

Existing office tenants include K-Swiss, Red Hat, NBBJ Architecture and Magnopus, a visual arts production company. Retail outlets include Le Pain Quotidien and Tender Greens.

John Eichler, Andrew Tashjian, Pete Collins, and Tyler Stark will handle leasing for the office component. Matthew Fainchtein and Carter Magnin will represent owners for retail leasing.

In 2015, the joint venture paid Rising Realty Partners $200 million for the Beaux Arts-style building, equipped with 18-foot ceilings and marble floors, property records show. Rising Realty extensively renovated the property prior to selling, exposing its brick walls and concrete floors in an effort to attract creative tenants.

Nasty Gal’s lease in the PacMutual building was seen as an important moment for DTLA. But the company, which sells vintage clothes and accessories, had to eventually give up its offices there after filing for Chapter 11 bankruptcy in November 2016.

Related Article

From left: Saeed Nourmand, Michael Nourmand, Grant King and Richard Heyman

Relevant Group sues Nourmand & Associates’ founder, alleging extortion over hotel projects

Centennial founder and CEO Steven Levin with a rendering of the project

Centennial Real Estate approved for sprawling $300M mixed-use village

Apartment complex at 1435 Stanley Avenue and Raintree Partners CEO Jeffrey Allen (Credit: Apartment Finder)

Raintree Partners spends $79M on Glendale multifamily portfolio

LA Mayor Eric Garcetti

Down goes Measure EE: Property tax referendum routed at polls

CIM Group Founders, Shaul Kuba, Richard Ressler, and Avi Shemesh and 4750 Wilshire Boulevard (Credit: Google Maps)

CIM Group lists part of its Miracle Mile office campus

Arman Gabay and The Springs shopping center in Palm Springs, part of the 14-property portfolio

Charles Co. secures $215M refi for retail portfolio

Joon Choi, principal at Harbor Associates, and 2400 Conejo Spectrum Street (Credit: Google Maps)

Harbor Associates leases up then sells off its Thousand Oaks office park

9300 Wilshire Boulevard

Land under historic Beverly Hills office building sells for $25M