Ivanhoé Cambridge buys L.A. office asset for $200m
Ivanhoé Cambridge and Callahan Capital Properties have acquired the PacMutual office property, located at 523 W. Sixth St. in downtown Los Angeles, for approximately $200 million.
PacMutual is located in close proximity to the Seventh Street retail corridor, L.A. LIVE entertainment complex, STAPLES Center arena, Broadway Theater District, South Park residential neighborhoods, and mixed-use developments such as The Bloc and Wilshire Grand.
Los Angeles’ office market has seen a high transaction volume recently, averaging $2.6 billion in completed deals per quarter during the past six quarters, according to Real Capital Analytics. And, since the first quarter of 2013, when the market saw $948 million in closed office deals, Los Angeles’ quarterly office transaction volume has not dipped below $1 billion. Thus far in the third quarter, 104 office properties have been sold, totaling $2.3 billion. The top buyer of Los Angeles office properties in