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UCLA Acquires Historic Trust Building in DTLA
UCLA has acquired the Trust Building, an 11-story, 334,000 square-foot high-rise near Pershing Square in downtown Los Angeles, for an undisclosed sum. The acquisition of the historic landmark built in 1928 was made for about $40 million, or less than half the property’s assessed value of $88 million, the Los Angeles Times reported.
The recently renovated location will be known as UCLA Downtown and will allow the university to expand its presence in DTLA.
“We are thrilled about the possibilities this new space offers, and confident that it will further intertwine UCLA and L.A., helping us to deepen the impact of our teaching, research and public service mission,” chancellor Gene Block and executive vice chancellor and provost Darnell Hunt wrote in a message to the campus.
This latest acquisition comes on the heels of UCLA’s announcement last September of the purchase of Marymount California University, a 35.5-acre campus in Rancho Palos Verdes and San Pedro that will become UCLA South Bay.
- ◦Sale/Acquisition
