May 1, 2017
NGKF completed the $43-million sale of the historic Fine Arts Building, a 12-story 115,902-square-foot creative office building in DTLA’s Financial District. NGKF’s Capital Markets team of Kevin Shannon, Ken White, Laura Stumm and Gibran Begum represented the seller, New York-based Sorgente Group of America, as well as the buyer, Manchester, VT-based Manchester Capital Management.
Built in 1926 and renovated in 2016, the 87.5%-leased asset is located at 811 West 7th St. Tenants include WeWork, which occupies 39% of the building, as well as Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis and SWA.
NGKF’s Begum said, “The Fine Arts Building is one of the truly iconic office destinations in Los Angeles, with distinctive architecture that makes a powerful statement in the cityscape. The building’s timeless design provides the framework for an inspiring workspace, as a unique alternative to the typical steel-n-glass office towers in the area.”
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