Brickman buys 473,346 s/f 801 South Grand.(NATIONAL)

Real Estate Weekly | February 20, 2008 | Copyright

LOS ANGELES: CIM Group has sold the commercial portion of 801 South Grand, a 22-story office and residential tower in downtown Los Angeles, to Brickman, a real estate private equity firm. CIM Group acquired the 473,346-s/f building in 2003 when it had a vacancy rate of 49%.

Partnering with Lee Homes, CIM Group renovated and repositioned the high-rise building, converting the top 11 floors to luxury loft-style condominiums while retaining the lower 10 floors as Class A office space, and enhancing the ground floor retail. The condominiums, called Sky, are 100% sold. ...

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