Monday, August 11, 2014

Charles Dunn Company Completes $19 Million Sale of a 12-Story Creative Office Property in Downtown Los Angeles


John Anthony


 LOS ANGELES, CA, Aug. 11, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $19 million sale of a 12-story, 186,000-square-foot creative office building located at 155 W. Washington Blvd. in Downtown Los Angeles.

John Anthony and Christopher Steck of Charles Dunn Company represented the seller, San Mateo, Calif.-based West Washington Properties, LLC. 

The buyer was a private investor from Los Angeles and was represented by Emil Golub of Fortune Investments. The multi-tenant creative office building was over 97 percent leased at the time of the sale.   

“With the current demand for creative office space within Los Angeles, and the beginning resurgence of this pocket of Downtown, we marketed the property as a strong value-add opportunity for an investor that was looking to capitalize on the short-term existing leases at below market rents,” said Anthony, senior managing director with Charles Dunn Company.

Christopher Steck
 “We identified a buyer who saw the long-term opportunity to reposition the asset and at an ideal time to invest in this key market.”

Built in 1927, the building was renovated in 2010 and includes 70 covered parking spaces. 

It is well located and offers high visibility from the 110 and 10 freeways and is near an abundant and growing entertainment, dining, retail and nightlife amenity base. 

Additionally, the property is just a few blocks from Grand Station stop on the Metro Blue Line, and 23rd Street Station on the Metro Expo Line.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224

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