Beverly Hills-based Langdon Street Capital has acquired Grand Central Square, including L.A. icon Grand Central Market, which celebrated its 100th anniversary last Friday, according to an announcement from Langdon.
Grand Central Square Partnership, formed by Ira Yellin in the early 1990s and led by his widow, Adele Yellin, sold the package of properties that includes the historic Million Dollar Theatre, the Grand Central Square Apartments, the Grand Central Parking Structure, and other assets. Terms of the deal were not disclosed.
In its announcement, Langdon said it planned to invest significant capital to enhance the market, at 317 S. Broadway, and update the hospitality experience while maintaining the historic character of the property.
“The authenticity of the Market, its connection to the roots of our community, and its spirit of inclusiveness are a major part of what makes this Los Angeles institution irreplaceable,” said Langdon President Adam Daneshgar.
The seller was advised by Christophe Farber, founder of consulting firm Monkeyfoot International. Langdon was represented by David Passman of the Passman Group.
Real estate reporter Neil Nisperos can be reached at firstname.lastname@example.org. Follow him on Twitter @ReporterNeil for the latest in L.A. real estate news.