Lionstone selling DTLA’s CalEdison building for $141M: report

The firm is in talks with GreenOak Real Estate for the 285K sf property

Los Angeles /
Sep.September 04, 2018 09:00 AM
The CalEdison at 601 W. 5th Street

Lionstone Investments is close to a deal to sell the CalEdison building in Downtown Los Angeles after months of speculation about the massive property.

The company would sell the art deco landmark at 601 West 5th Street to New York-based GreenOak Real Estate for around $141 million, reportedly as part of a portfolio sale, according to Commercial Observer.

Lionstone, a Houston firm, purchased the CalEdison building in 2015 for $92 million in partnership with Rising Realty Partners. The duo overhauled the 14-story former headquarters of the Southern California Edison Company, converting it into creative office space and calling it “The CalEdison.”

GreenOak’s last big deal in L.A. was also Downtown. The firm paid $68.7 million for the 132-unit Santa Fe Lofts building at 121 E. 6th Street.

For the CalEdison deal, L.A.-based Rising Realty will reportedly keep its stake upon the sale to GreenOak. The deal comes out to around $495 per square foot for the roughly 285,000-square-foot building, which was also once called One Bunker Hill.

Clothing retailer H&M signed a 4,500-square-foot lease in February at CalEdison for its Innovation Lab research center.

Other tenants include the law firm Akerman, which signed a 25,000-square-foot lease there in July 2017.

In October 2017, architecture firm Jerde Partnership ditched Venice after nearly three decades there in favor of the CalEdison property.

The 14-story

building opened in 1931 and was one of the first in the U.S. entirely heated and cooled by electricity, according to the Los Angeles Conservancy. The complex includes a grand two-story lobby a terra cotta and limestone façade.


Related Articles

arrow_forward_ios
Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
Senior community nixes industrial development for more residential
Senior community nixes industrial development for more residential
FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
FivePoint slashes workforce 29%, posts $37M loss
FivePoint slashes workforce 29%, posts $37M loss
Cedars-Sinai's Thomas Priselac and 3400 Lomita Boulevard (Cedars-Sinai, LoopNet)
Cedars-Sinai pays $70M for Torrance medical offices
Cedars-Sinai pays $70M for Torrance medical offices
IGP Business Group's Matt Ilbak and Moreno Valley Mall (IPG Business Group, Moreno Valley Mall)
Indoor mall in Moreno Valley up for mixed-use makeover
Indoor mall in Moreno Valley up for mixed-use makeover
Michael Shabani with 8400 Melrose Avenue (Google Maps, iStock) Gucci, Melrose
Gucci plans flagship at Melrose & Melrose
Gucci plans flagship at Melrose & Melrose
Argent Retail's Terence Bortnick (LinkedIn, iStock)
OC commercial brokerage Argent Retail Advisors files for bankruptcy
OC commercial brokerage Argent Retail Advisors files for bankruptcy
LuMar's Babak Nehoray with10756 W Wilkins Ave (Avvo, Labyrinth)
Developers plan five-story apartment building in place of single-family home in Westwood
Developers plan five-story apartment building in place of single-family home in Westwood
Artist Guild Hotels' Daniel Hyde and the Palmer Building (LinkedIn, AGI)
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
arrow_forward_ios

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

Loading...