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Trio of DTLA Parcels Sell for $134M, MXU Campus Planned
Beverly Hills-based ESI Ventures acquired three parcels in Downtown Los Angeles for $134 million. The purchases are part of the commercial real estate investment firm’s long-term vision to develop a two-building, 250,000-square-foot, mixed-use creative office campus in the vibrant Fashion District.
The three-part acquisition includes the 100,000-square-foot historic Norton Building at 755 S. Los Angeles St., the 138,000-square-foot former Deardens department store at 700 S. Main St., and a 38,000-square-foot vacant parcel of land at 732 S. Main. The assemblage will enable ESI to create a large, walkable campus with ground-floor retail, large floorplate creative office spaces, tenant amenities and a rooftop restaurant/bar concept.
Improvements for 755 S. Los Angeles are underway and scheduled to be complete by Q4 2018. The renovation at 700 S. Main St. will commence shortly, and is scheduled for completion in Q4 2019.
For comments, questions or concerns, please contact Dennis Kaiser
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