Los Angeles property sells for $210m
H.I.G. Realty Partners, Silverpeak Real Estate Partners and Rising Realty Partners have acquired The Garland Center in Downtown Los Angeles for an estimated price of $210 million, according to Real Capital Analytics.
The property was sold by Trumbull & Associates and Wells Fargo. Wells Fargo was the owner of a ground lease, and Trumbull was the owner of the building.
The nine-story asset comprises 733,000 square feet of commercial office and data center space with a detached parking structure holding approximately 1,600-space.
The partnership plans on leasing the vacant space in the data center, which is only about 40 percent leased. The office portion of the property is fully leased by tenants that include the Los Angeles Housing Department and the Department of Parks and Recreation.
The sale follows