The purchase included a 270,000-sf building at 801 N. Brand Blvd., a 130,000-sf building at 700 N. Central Ave. and a 10,000-sf building at 200 Burchett St. The largest building is 97% leased, though Commonwealth Land Title Insurance Co. is planning to vacate its space in the building mid-year in favor of sublease space elsewhere in the city.
The 130,000-sf building, an A-/B+ property, is 99% leased to multiple tenants including PCL Construction, which recently expanded from 34,000 sf to more than 42,000 sf in the building. PCL is also the sole occupant of the third and smallest building in the transaction, which comes with extra land for development.
The transaction also includes a 50% ownership in the 1,600-slip parking garage that sits in between the three buildings. The other 50% owner of the garage is California Credit Union, which owns 701 N. Brand, an adjacent building once part of the portfolio.
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