Downtown Los Angeles Office Asset Trades for $15M
- Jan 27, 2021
California Community Foundation, a non-profit organization, has acquired a 54,657-square-foot office building in Los Angeles for $15.4 million. First City Credit Union sold the property, which has served as its downtown location for the past 24 years. In 1997, the financial institution paid $2.5 million to purchase the asset, according to CommercialEdge data. Apollo Estate was the seller, public records show.
Located at 717 W. Temple St. in the city’s central business district, the four-story building was completed in 1978. The property has two passenger elevators and a six-floor parking structure with a ratio of 1.5 spaces per 1,000 square feet. First City Credit Union vacated the building in November 2020 and will move into a new space at 555 N. Spring St., according to the company’s website.
Edwards Commercial assisted the seller and NAI Capital Executive Vice President Chris Runyen negotiated on behalf of the buyer. Earlier this month, NAI Capital’s Gary Martinez represented non-profit organization The Whole Child in the $4.5 million acquisition of a 15,213-square-foot office property in Downey, Calif.
Larger space, big promises
California Community Foundation’s current office is less than half a mile away from Rising Realty Partners’ The Park DTLA, a 270,169-square-foot complex at 221-261 S. Figueroa St. The transaction concluded the foundation’s 15-year search for an asset to purchase and use as its long-term headquarters.
In addition to its own offices, the buyer will reserve meeting space in the building that will be available to other Los Angeles-based non-profit organizations. In 2015, the foundation promised to grant $1 billion to non-profits in the county by 2025 and has since awarded approximately $448.9 million in funds to thousands of local organizations.