Brickstar Acquires 60 KSF Office Asset in LA
- Jan 23, 2017
Los Angeles—An affiliate of Brickstar Capital LLC has announced the acquisition of 120 S. San Pedro St., a 60,000-square-foot, mixed-use building in downtown Los Angeles’ Little Tokyo neighborhood. MUFG Union Bank N.A. owned the six-story building since its construction in 1984, but will continue to operate its retail banking branch from its present location.
“Little Tokyo’s rich cultural history, pedestrian-friendly environment and location between Civic Center and Arts District is further cementing Little Tokyo as one of downtown LA’s most popular neighborhoods to live, work and play,” said David Mirharooni, principal of Brickstar, in prepared remarks. “We are proud to increase our footprint in Little Tokyo, the future home of the regional connector and further add to the cultural fabric of this community.”
CBRE represented Union Bank during the transaction and team members Joel Frank, Taylor Watson and Alex Bergeson have been retained to manage the lease up. Attorney Sarah Kikla Rosen of Procopio, Cory, Hargreaves & Savitch LLP, acted as legal counsel for Union Bank and Brickstar was represented by Andrew Kirsh, of Sklar Kirsh LLP.
Brickstar will now control the entire S. San Pedro block between 1st and 2nd Streets, including the adjacent office building at 312 E. 1st St., through its affiliates. The company recently completed a major capital improvement program to reposition the 312 First building as creative space. This building features high-speed, fiber-optic-ready collaborative office space, a new tenant lounge and conference room.
Image courtesy of Sklar Kirsh