LOS ANGELES-Those who follow @GlobeStcom on Twitter and @GlobeStLIVEmay have seen a post teasing the announcement, but GlobeSt.com has learned that Madison International Realty has acquired a 49% ownership interest in One California Plaza for $295 million. Beacon Capital Partners LLC formerly owned the property, a 42-story, class-A office building in Downtown Los Angeles, in whole, and now holds the remaining 51% ownership interest. 

“We have acquired a substantial interest in a top-tier asset with prominent tenants located in a premier West Coast office market, says Ronald M. Dickerman, president of Madison International Realty. “We are very pleased to be in partnership with Beacon on this trophy property.”

The property, located at 300 South Grand Ave. in downtown's Bunker Hill district, is in the California Plaza Development, and is a attractive options for quality tenants. Companies currently leasing office space in the building include Bank of the West, Skadden, Arps, Slate, Meagher & Flom LLP and Morgan Lewis & Bockius.

“There have been no new office towers constructed in downtown Los Angeles in 20 years,” says Dickerman. “The building is situated in an area with world-class amenities, what is today a vibrant live-work-play central business district.”

Last year, the nearby Two California Plaza went into receivership, the largest property asset to do so in 2012. William Howell was named receiver and Cushman and Wakefield as exclusive leasing agent. This year, the downtown market, however, has experienced increased office activity, with large companies like CBRE and the California State Bar moving their office space to the submarket.

GlobeSt.com will update this story when more information becomes available.