The KOR Group, an investment and development firm that is also known for its boutique hotel projects, represented itself in the acquisition of the building. The seller was 1800 Wilshire Properties.
The seller was represented in the sale of the Flower Street building by Madison Partners principals Chris Houge and Rick Buckley, along with John Eichler and Marc Renard of Cushman & Wakefield. Concurrent with the sale, the seller leased 32,000 sf of space for 10 years at 950 S. Grand Ave., known as the Federal Reserve Bank Building. That deal was brokered by Houge, Buckley and Eichler.
The acquisition of the Flower Street office building expands a KOR Group portfolio that includes apartments and condominiums, hotels and other properties that the company has both acquired and developed throughout the US and well as in other countries. Its KOR Hotel Group portfolio includes properties throughout Southern California and in other US cities including San Francisco and Washington, DC.
The hotel group also has properties under development in the US and in Anguilla in the British West Indies and Riviera Maya near Playa del Carmen, Mexico.
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