June 3, 2016
The two parcels of land that sit beneath the iconic One and Two California Plaza office towers in DTLA are going on sale today on behalf of CRA/LA. The 2.4 and 3.6-acre sites have 66 years remaining on their ground leases and will be auctioned at “fair market value.”
CRA/LA, the successor to the state’s former CRA entity, is disposing of the land, which it has owned since 1983. Today, Beacon Capital claims One Cal, whereas CIM owns Two Cal. “These offerings are two of CRA/LA’s highest profile assets. They demonstrate the positive results of the public-sector/private-sector collaboration,” said CRA/LA-DLA’s Mee Semcken.
Cushman & Wakefield Capital Markets Group’s Marc Renard said, “The opportunity to acquire such irreplaceable sites that generate long-term income akin to an investment grade credit bond while offering significant value appreciation potential is truly unique in our industry.”
Renard along with C&W’s Jimmy Chai, and Manfred Schaub are exclusively representing CRA/LA. Offers close on July 12.