Ivanhoe Cambridge and Callahan Capital recruit firm to lease up PacMutual

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

Los Angeles /
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 Articles

arrow_forward_ios
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
Hudson Pacific Properties CEO Victor Coleman with 3400 Hillview and 3176 Porter (Getty, HPP)
Hudson Pacific posts profit after 2 straight quarters of losses
Hudson Pacific posts profit after 2 straight quarters of losses
arrow_forward_ios

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

Loading...