IN-DEPTH LOOK: Greenland Group buys L.A. plot
Joint venture partners the California State Teachers’ Retirement System and IDS Real Estate Group have sold five parcels in Los Angeles where a billion-dollar mixed-use complex is on the drawing board. Here’s an in-depth look at the deal.
The buyer, Shanghai-based developer Greenland Group, has purchased the high-profile development site, Metropolis, for $150 million, according to Real Capital Analytics. The development site is located in downtown Los Angeles on Eighth Street, near the Staples Center.
Greenland signed a deal with CalSTRS to invest $1 billion in the development project in July 2013. The deal was the biggest procurement Chinese property developers have ever sealed in the United States, according to Chinese business publication Caixin. Eight months later the international developer is a partial owner of the property.
The 6.33-acre site spans an en