California + Los Angeles + Office | November 13, 2020

DTLA Construction, Investment Activity Bright Spot in SoCal

The Downtown Center Business Improvement District (DCBID) just released its Q3 2020 DTLA Market Report revealing that while the L.A. submarket remains in the grips of the COVID-19 pandemic, ongoing deals and development demonstrate continued investor interest in the area. While the report also shows inconsistent results across various market sectors, there remains a bright light on the horizon, with many real estate deals and projects that got underway or continued through the quarter.

Chief among them was the groundbreaking of Lightstone Group’s Fig+Pico hotel development across from the Convention Center and the groundbreaking of Lowe’s 2130 Violet, a 113,000-square-foot office project in the Arts District.

DCBID’s Suzanne Holley says, “Like much of the country, DTLA continues to deal with the economic impact of the pandemic. However, we are reassured about the future by all of the investment and development activity occurring throughout Downtown. Residents, workers and visitors remain passionate about their neighborhood, and investors and developers alike see great opportunity in the region. Once the effects of the pandemic begin to pass, DTLA will be well positioned for recovery and future success.”

Notable about many of the deals and projects is that the developers and investors are out of state or international concerns – illustrating broad continued confidence in the long-term value of the market.

Deals that closed in Q3 include Silverstein Properties’ acquisition of the US Bank Tower on Bunker Hill for $430 million (pictured above) and AvalonBay Communities’ purchase of the Showa Marine Cold Storage site in the Arts District.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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