In recent years, some cities have seen large HQ relocations and business expansions into their region, creating thousands of new jobs and resulting in billions of dollars in capital investments.

KBS Real Estate Investment Trust II sold the complex to an unidentified private buyer. CBRE, which represented KBS in the transaction, identified the new owner as a private New York City-based investor backed by offshore capital.

"Wow-factor water features can also deliver bottom-line marketing value."

In the fourth quarter, the near record number of apartment units delivered in Downtown Los Angeles.