Large Downtown Deals Continue in Year-End Rush

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Downtown L.A. continues to be roiled by high-priced year-end dealing.


Hines Properties Inc. has agreed to buy the 40-story Union Bank Plaza at 445 S. Figueroa St. for $144 million, according to sources close to the deal.


Owner Walton Street Capital initially agreed to sell the 646,000-square-foot, 40-story tower to Louis Dreyfus Real Estate at a similar price earlier this year before the deal fell through.


The building is nearly fully leased, and the sale is expected to close by January. Michael Zietsman, president of Zietsman Realty Partners, represented Walton Street Capital.


Meanwhile, David Lee’s Jamison Properties Inc. was in advanced negotiations last week to buy the California Market Center for $135 million from a joint venture led by investor Judah Hertz’s Hertz Investment.


Both Lee and Hertz said they were bound by confidentiality agreements and declined to discuss the proposed deal. The 2.1 million-square-foot building at 110 E. Ninth St. consists of three connected towers filled with fashion showrooms, offices and a design school.


Hertz bought the complex four years ago from Equitable Life Insurance Co. for $85 million. DMG World Media bought a 20 percent stake for an undisclosed sum last year.


Meanwhile, MJW Investments Inc. has listed its Gerry Building in downtown L.A.’s Fashion District that the company’s principal, Mark Weinstein, converted to design studios four years ago. The building, 90 percent occupied by tenants with leases stretching to 2009, has been listed with CB Richard Ellis Inc. First Vice President Mark Tarczynski.


The asking price is about $15 million, and it could be a candidate for condominium conversion. The listing was first reported in California Apparel News.

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