April 1, 2016 Comments Off on Avison Young Completes $52M Sale of Historic DTLA Building Views: 546 California, California News, Los Angeles, West

Avison Young Completes $52M Sale of Historic DTLA Building

Canadian-based Bonnis Properties acquired the Foreman & Clark Building in downtown Los Angeles for $52-million. The historically significant, 13-story, 147,346-square-foot structure was built in 1929 and is located at 404 West 7th St.

The asset is situated on more than a quarter acre at a signalized intersection near Hill St., and is adjacent to some key new projects, including The Bloc mixed-use development and Whole Foods grocery store. The buyer envisions redeveloping the historic core property though rehabilitation and restoration.

Avison Young’s Derrick Moore represented the buyer. CBRE’s Phillip Sample and Chris Caras represented the seller, LA-based Dr. Kyung Ku Cho, who acquired the property in 2012.

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