X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Phillip Sample Phillip Sample is the SVP at CBRE.

LOS ANGELES—Investor demand for quality office product is picking up in the Downtown Los Angeles market. Chase Plaza has traded hands between two unnamed investors for $50 million in a highly competitive sale that drew international attention. The sale serves as an example of the changing market, which is getting more popular among tenants and still offers a relative value for investors to markets like West Los Angeles.

“We had more activity on this building than any other buildings we have sold in the last 12 months,” Phillip Sample, SVP at CBRE, tells GlobeSt.com. “Most of the demand is not coming from local investors but from the East Coast and abroad, specifically. Foreign investors and companies alike are flocking to Los Angeles, trying to capitalize on our employment talent in downtown. Westside companies are looking to gain access to this growing talent pool. We expect rents will continue to climb as we anticipate further increases in demand for office space.” Sample and his CBRE colleagues Brad Chelf, Chris Caras, and Michael Shustak represented the seller, which was described as a partnership between a New York-based group and a local investment company, and the buyer in the transaction.

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?

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

More from this author

 

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
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.