LOS ANGELES—Cornerstone Real Estate Advisers has purchased 801 Tower, a 446,534-square-foot office building in Downtown Los Angeles, from the Mani Brothers Real Estate Group. The purchase price was undisclosed, however, industry sources unrelated to the transaction tell GlobeSt.com that Cornerstone paid approximately $190 million for the property.

“The acquisition of 801 Tower checked all the boxes for Cornerstone. It is a great real estate asset that we were able to acquire at a substantial discount to replacement cost and which has significant upside potential,” Chris Black, SVP of acquisitions for Cornerstone Real Estate Advisers, tells GlobeSt.com. “We also really like buildings within gateway cities that demonstrate favorable supply and demand fundamentals. The revitalization of Downtown Los Angeles and its transition to a 24-hour city presents strong prospects for future rent growth.”

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