Lionstone selling DTLA’s CalEdison building for $141M: report
The firm is in talks with GreenOak Real Estate for the 285K sf property
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.
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.