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
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)

Grand ambitions: Related’s DTLA megaproject hits halfway mark

Grand ambitions: Related’s DTLA megaproject hits halfway mark
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
Mack Real Estate Chairman Paul Keller and renderings of the project (Credit: CallisonRTKL)

Mack and AECOM reveal details for 51-story DTLA tower

Mack and AECOM reveal details for 51-story DTLA tower
Jose Huizar and a rendering of the project (Getty, City Market LA)

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny

Huizar-tied community benefits fund linked to DTLA megaproject faces scrutiny
arrow_forward_ios

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

Loading...