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Monday, May 29, 2023

CitizenM Hotels Buys Downtown Parking Lot for $13.5M

New York’s CitizenM Hotels has purchased a 20,000-square-foot parking lot at the northwest corner of Spring and 4th streets in downtown for $13.5 million, or $675 a square foot, from the Broadway-Spring Center in an all-cash transaction, according to CoStar Group Inc.

Currently, the lot sits across the street from the Ronald Reagan State Building on Spring Street. The city of Los Angeles had approved the site for hotel use, CoStar said.

CitizenM already is at work on a 14-story hotel in Hollywood at 1718 Vine St. near the Capitol Records building and the Los Angeles County Metropolitan Transportation Authority’s Metro Red Line Hollywood/Vine Station.

The group has other projects in New York, Seattle, Shanghai, Paris, San Francisco and Copenhagen, among others.

According to sources close to the deal, Cushman & Wakefield’s Kelli Snyder and Mike Condon Jr. representing the buyer. David Hasbrouck, John Eichler, Tyler Stark, also with Cushman & Wakefield, represented the seller.

Real estate reporter Ciaran McEvoy can be reached at cmcevoy@labusinessjournal.com or (323) 556-8337.

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