Emmett acquired the eight-story Cornerstone Plaza from LaSalleInvestment Management in a transaction that was brokered by EastdilSecured, which was also one of the brokers when the seller boughtthe building last year for $66 million. A GlobeSt.com report at thetime listed the buyer as South Bundy Office Co. LLC.

The Cornerstone Plaza property, at the corner of South BundyDrive and La Grange Avenue, gives Emmett another asset in one ofits targeted submarkets, Kaplan notes. He says that the 15.8%vacancy in the building "gives us additional available space tosatisfy the strong tenant demand" within the Olympic Corridor,which is one of the strongest submarkets in Los Angeles.

The Olympic Corridor submarket is a stretch of Olympic Boulevardbetween Santa Monica and Century City. The South Bundy Drive and LaGrange Avenue location of the Cornerstone Plaza building is justnorth of the intersection of Bundy Drive and Olympic Boulevard.