DTLA Construction, Investment March Forward
As the pandemic put much of America’s economies on hold for the better part of the year, real estate investment and construction in Downtown Los Angeles (DTLA) continues to march forward, according to the Downtown Center Business Improvement District’s (DCBID) newly released DTLA 2020 Year-End Market Report.
From Related Company’s billion-dollar mixed-use project, The Grand, to luxury high-rise apartment towers from Brookfield Properties and Mitsui Fudosan, to signature hotels from Lightstone Group and CitizenM, large-scale construction was a bright spot in DTLA’s 2020 economy. And the 10 largest developments currently under construction have a combined estimated value in excess of $3 billion.
While the pandemic dimmed most other economic activity, DTLA had some notable investment sales in 2020 including Silverstein Properties’ purchase of US Bank Tower for $430 million, the sale of 915 Wilshire for $196 million to German investors, and Avalon Bay Communities’ purchase of the Showa Marine Cold Storage site in the Arts District.
For comments, questions or concerns, please contact Lisa Brown