Jamison Properties Picks Up 618k sf Downtown LA High-Rise

A 618k sf office tower in downtown Los Angeles was acquired by locally based Jamison Properties in a transaction valued near $185 mil ($300/sf). The building, 1055 W. Seventh St, was sold by Bristol Properties, a San Francisco-based real estate investment and development company.

The 32-story, Class “A” high-rise, constructed in 1988, was designed by Gin Wong Associates and provides highly efficient floor plates, superb ingress and egress, an above-market parking ratio, high quality finishes, and unobstructed 360 degree views of Los Angeles. Jamison Properties viewed this acquisition as a value added opportunity in the dynamic Los Angeles market. At the time of sale, the building was approximately 75% leased.

Bristol Group was represented by Kevin Shannon and Tom Bohlinger of CB Richard Ellis in the transaction. In the last 18 months, the company has sold over 7 msf of real estate properties Nationwide. Bristol Group’s remaining real estate portfolio consists of over 9 msf of commercial properties with an additional 2 msf in the development pipeline.

Jamison, the privately held investment group headed up by Dr. David Lee, is now reportedly the largest office space owner in the city. The company got its start by acquiring office buildings in LA’s Mid-Wilshire area and has since expanded into a number of other areas, including downtown, Long Beach and the San Fernando Valley.

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source: rentv.com