California Plaza Land Comes to Market

The two properties total more than 2 million square feet.

LOS ANGELES—The land beneath One and Two California Plaza is coming to market in what could shape up to be one of the biggest L.A. deals this year. CRA/LA as the successor to the California Redevelopment Agency of the City of Los Angeles, and is required by law to sell the sites, which are the largest in its portfolio, at fair market price. Cushman & Wakefield is bringing the deal to market, and has handled 50 other transactions from the disposition.

“Offerings like this are extraordinarily rare as owners of such sites seldom sell as the durability of the cash flow is unparalleled in the capital markets,” Marc Renard, vice chairman and executive managing director at Cushman & Wakefield, tells GlobeSt.com. “As a result we expect global interest and a very competitive process. The Sites will be sold through a public sale process to the highest bona-fide offers.” Renard is representing the sellers along with Cushman & Wakefield’s Jimmy Chai and Manfred Schaub.