LOS ANGELES—National City Tower LLC has decidedto sell the 118,162-square-foot National CityTower building in Downtown Los Angeles. The owner hasasked Charles Dunn to list the property on theirbehalf for $45 million with a 4.7% cap rate. The sale includesthree new restaurant leases.

Charles Dunn brokers Janet Neman andBryan Glenn will market thebuilding. “National City Tower is a rare opportunity to own alandmark building in the heart of Downtown Los Angeles, an areathat is experiencing a huge amount of growth and capital infusion,"Neman tells GlobeSt.com. "As the demand for stabilized product likethis increases, this asset is poised to gain in value over the nearand long-term.”

Originally built in 1924, the property was formerly aNational City Bank branch. In 2008, the ownersused the adaptive reuse program to convert the12-story historic building into a 93-unit loft building withground-floor retail space, which is fully leased. The building'stenants include Italian eatery Terroni, whichoccupies 6,000-square-feet, and eateries PekingTavern and Crane's Downtown Bar, whichcollectively occupies 4,200 square feet.