The building was constructed in 1948. It has 15,000-sf floor plates. The building is currently 100% leased, but several leases expire in the next 18 months, a source at Lowe Enterprises tells GlobeSt.com.

Given a decreasing supply of large blocks of space Downtown, the source says the company's strategy is to use the expiring leases to create a 60,000 to 90,000-sf block of space on contiguous floors. "This property is well located and primed for recovery, which fits well with our investment strategy," says Lowe Enterprises managing director Brad Howe in a prepared statement.

On-site amenities include valet parking, an upscale cafe, and a Staples office supply store. An $8-million remodeling program was completed in 2000 that included a major lobby renovation and other facility and system improvements. Lowe plans unspecified upgrades to further enhance the property.

Ed Suharski and Dan Cressman of Grub & Ellis had the disposition assignment. The CAC Group's Bill Cumbelich and Steve Anderson of the CAC Group have the leasing assignment. Timi Anyon Hallem of the law firm of Manatt, Phelps & Phillips LLP assisted Lowe Enterprises in closing the transaction.

Lowe Enterprises, which also managed Transamerica Tower, is a leading national real estate investment, development and management firm. CIG is a private real estate investment company that has been investing in value added real estate since 2003.

Instant Insights /

300 California Trades for $30M

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