Investment activity in Downtown Los Angeles in the third quarter could indicate the initial signs of recovery. Two major deals closed in the third quarter, most notably Silverstein Properties’ purchase of the US Bank Tower for $430 million. In addition, two new projects broke ground in the third quarter and an additional eight new projects are ongoing in the construction pipeline.

“In Q2, the market was understandably paralyzed by uncertainty, which was clearly reflected in our Q2 DTLA Market Report,” Nick Griffin, executive director of the Downtown Center Business Improvement District, tells “By Q3, however, and despite the pandemic constraining leasing and other economic activity, there was growing recognition that we were not looking at collapse, and that while there will certainly be changes in the market, the fundamental appeal of the city center is still strong, and Downtown is still a solid market and good investment. This perspective was already evident in Q2, with many of the biggest players amassing capital for opportunistic investments, on the assumption that short-term disruption would not change the long-term outlook. And now we’re seeing that capital being deployed.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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