The General Consulate of the state of Kuwait signed a new lease for its cultural office, moving from Century City into a 25-story office tower in Downtown Los Angeles.
The country’s cultural office will take 20,900 square feet at 801 S. Figueroa Street, Barings Real Estate Advisors owns the 465,000-square-foot building. The office advises and assists students from the Persian Gulf country who are studying in the U.S.
Barings purchased the property from Mani Brothers Real Estate Group in 2014 for $178.2 million. Other tenants include China Trust Bank, insurance company Tokio Marine HCC, and law firm Manning & Hass.
Mani Brothers paid $105 million for the building in 2003, or around $240 per square foot, at the time a record for price per square foot for a downtown office building. The tower was built in 1991.
Next door to the 801 building, Brookfield Properties is planning to build a 781-unit condominium tower next door.
Kuwait’s cultural office leaves 2029 Century Park East, one of the Century Plaza Towers buildings. The country also maintains an office in Beverly Hills.
Savills Studley’s Luke Raimondo represented the cultural office in the lease, while Cushman & Wakefield’s John Eichler represented Barings.