1212 S. Flower Street – Los Angeles, CA
Buyer: KOR Realty Group
Seller: 1800 Wilshire Properties, LLC
Representation: 60,000 RSF
Sale Price: $22,900,000
Close Date: December 2006
Submarket: Downtown Los Angeles
Comments:
� Original plan was to identify a residential developer as buyer, however, within one week of listing for sale, a corporate user was identified
� The KOR Group, who needed to use 40,000 SF for their HQ, were in a 1031 exchange and liked the site for future residential development
� Buyer paid the over anticipated price from that of a residential buyer and closed the deal successfully
� Sale included a 16,000 SF 2-story adjacent building