The buyer of the Pegasus is a newly formed joint venture calledBSP/KOR, which acquired it from a KOR/Lubert-Adler partnership. Thenew ownership plans to renovate and upgrade all 322 units.
The 13-story Pegasus building, situated between WilshireBoulevard and West SIxth Street in the city's financial district,includes 12,500 sf of retail space occupied by the Daily Grill,Rosenaur Wu, Downtown Florist and Café Primo. It was built in 1949and formerly served as the corporate headquarters for Mobile OilCo.
Marc Renard, managing director of Cushman & Wakefield'sSouthern California Capital Markets Group, comments that thetransaction demonstrates the "continueddemand for urban-infill,well located properties in high-barrier-to-entry markets," despitethe national slowdown in investment property sales. Renard saysthat the property proved "extremely attractive to a wide variety ofinvestors."
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