X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BEVERLY HILLS, CA-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that Sonny Astani, founder and chairman of the Beverly Hills real estate firm Astani Enterprises, and parking giant L&R Group have closed escrow on the purchase of a three-acre site in downtown Los Angeles. The $29-million purchase paves the way for a planned $250-million development here.

The site is bounded by Olive Street, Grand Avenue, Pico Boulevard and 12th Street; and is located in downtown’s South Park, just east of the Convention Center and LA Live. Currently, the site consists of 117,500 square feet and is divided by an alley. The site is currently comprised of 15 parcels, which operate as surface parking lots.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.