The largest office building in Echo Park has sold for $51 million. Real estate investment trust CIM Commercial Trust Corp. and a co-investor purchased the property, known as the Rolf K. McPherson Building, from Foursquare Church.
CMCT is operated by affiliates of CIM Group, which is based in Mid-Wilshire.
CMCT plans to upgrade the property — which has two banks and two restaurants at the ground level as well as parking — by creating creative office spaces targeting entertainment, media and technology tenants.
“1910 W. Sunset is in a centrally located Los Angeles neighborhood with a wealth of retail, restaurant and recreation amenities,” David Thompson, chief executive of CMCT, said in a statement. “CMCT will reposition the property into collaborative and inspiring creative office space that aligns with the demands of tenants in tech, media and entertainment industries in the market today.”
CMCT will own roughly 44% of the property, according to the company.
Keller Williams Realty’s Lee Black and Veronica Black represented the buyer and the seller in the transaction.
“We are pleased to have represented CMCT and the Foursquare Church in the sale of 1910 W. Sunset, an iconic asset in an infill location in one of the strongest submarkets in Los Angeles,” Black said in a statement.
The Rolf K. McPherson Building, which was built in 1965, is an eight-story office tower at 1910 W. Sunset Blvd. The tallest office building in the East Hollywood/Silver Lake submarket, it sits on 1.24 acres and has 99,761 square feet of space.
“1910 W. Sunset Blvd. has been part of Foursquare Church since the 1960s,” Adam Davidson, corporate secretary at Foursquare Church, said in a statement. “As the site of our original headquarters office across from Angelus Temple, the Rolf K. McPherson Building has a rich history as one of the most prominent offices in Los Angeles’ Echo Park neighborhood. In addition, its central location and its unique attribute as the area’s tallest structure contributed to the desirability of the asset, which sold in a highly competitive deal. While we have relocated our operations from the building, we will continue to remain involved in and committed to the Echo Park community.”
CMCT has been busy in other areas as well. On Feb. 14, the company announced it had signed a long-term lease with Lisson Gallery for its property at 1037 N. Sycamore Ave. in Hollywood.
The building, which CMCT purchased in July, is 5,000 square feet, and the gallery has signed for the entire building.
Lisson Gallery was founded in 1967 and focuses on contemporary art. It already has locations in London, New York and Shanghai. This site will be the gallery’s first L.A. location, and it is expected to open in the fall.
“We’re thrilled to be opening a gallery in L.A. — the city has produced such an amazing lineage of artists over the decades, and I hope that we can help add to the rich texture of the landscape,” Alex Logsdail, the gallery’s chief executive, said in a statement. “Many of our artists have never had exhibitions on the West Coast or haven’t shown in decades. Bringing our artists’ work to a new public audience is one of the most important things we do.”