LOS ANGELES, CA. Sept. 6, 2011 – Walter J. Conn (middle right photo), Chairman of Charles Dunn Company, one of the largest full-service regional real estate firms in the Western United States, has acquired Pacific Financial Center (top left photo), a 17-story office tower totaling 213,816 square feet, located in the financial district of Downtown Los Angeles for $50 million. Built in 1972 the property, located at 800 West Sixth Street, has been the firm’s headquarters since 1997. Conn had been a 50 percent owner in the property along with Equity One. After an intricate loan assumption process, Conn is now full owner in the asset in a transaction that is third largest acquisition this year in the Downtown Los Angeles market.
John Anthony of Charles Dunn Company represented Conn in the transaction. Kevin Shannon of CBRE represented Equity One.
“Charles Dunn Company is committed to an aggressive expansion over the next several years in the Los Angeles area as well as throughout California and Arizona,” said Conn. “This acquisition is testament to that growth as well as our steadfast commitment to excellence spanning our 90 year history.”
In early July, Equity One decided to sell their half interest in the property, and Conn went along with his partner’s wishes to place it on the market. By mid-July there were 11 offers, the majority of them were foreign investors. Three of the offers were above the asking price and Conn decided to exercise his first right of refusal at that point to purchase the partner’s interest.
Over a 15-day time span, Charles Dunn Company’s acquisition team worked through the complicated loan assumption approval process; worked to internally raise the funds to close; and negotiated and finalized the sale.
John Anthony played a key role not only in negotiating the terms of the purchase, but in advising throughout the negotiations. Nathan Ung, Charles Dunn Company’s senior asset manager, worked with legal on both sides of the transaction as well as the title company; and Marcelo Bermudez (bottom right photo) of Figueroa Capital Group, Charles Dunn Co.’s capital markets arm, worked to push through the assumption negotiations in record time.
The building is approximately 93 percent occupied and has been leased and managed by Charles Dunn Company since the early 90s. Charles Dunn Company occupies the fifth and sixth floors totaling approximately 25,000 square feet. Other key tenants include: Lend Lease, Inc., Gerald J. Sullivan & Associates, and CP Document Technologies, LLC.
The building is currently undergoing a major lobby and elevator renovation as well as a build-out of new restaurant space on the ground floor. The building is well located in the heart of Downtown, a vibrant area that is undergoing a renaissance, as business, entertainment and residential growth has started to pick up once again.
Media Contact: Darcie Giacchetto, D.G. Communications,
949-278-6224
949-278-6224
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