Madison International Realty acquires 49 per cent interest in One California Plaza
Madison International Realty has acquired a 49% ownership interest in One California Plaza, a 42-storey trophy office tower in downtown Los Angeles, for USD295 million.
An affiliate of Beacon Capital Partners, LLC, formerly full owner, holds the remaining majority interest and will continue to manage the property.
"We have acquired a substantial interest in a top-tier asset with prominent tenants located in a premier West Coast office market. We are very pleased to be in partnership with Beacon on this trophy property," says Ronald M. Dickerman, President of Madison International Realty. "There have been no new office towers constructed in downtown Los Angeles in 20 years. The building is situated in an area with world-class amenities, what is today a vibrant live-work-play central business district."
Totaling 1,039,449 square feet, One California Plaza is LEED Gold certified and includes a five-level subterranean parking garage. The building is located at 300 South Grand Avenue in the prestigious Bunker Hill district in downtown Los Angeles, near the government center and law courts and convenient to major thoroughfares and transportation. The tower is leased to tenants including Bank of the West, Skadden, Arps, Slate, Meagher & Flom LLP and Morgan Lewis & Bockius.
Designed by Arthur Erickson Architects, One California Plaza has a distinct vertical profile with curving reflective glass walls and a neon halo encircling the top of the tower. It is part of the California Plaza Development, situated on a 2.23-acre site and featuring a 1.5-acre water court that provides dramatic multilevel public spaces with outdoor seating.
Madison International Realty specializes in acquiring partial ownership and joint venture interests in class A properties and portfolios in the US, UK and Europe. The firm also provides joint venture equity to owners, sponsors and investors who are seeking to monetize existing equity positions, restructure balance sheets, or to replace existing capital partners.