Oceanwide Plaza

Oceanwide Plaza 2019-08-27T14:32:51-04:00

Project Description

Brokers:
John Eichler | David Hasbrouck

Client:
The Moinian Group

Parcel Address:
1100 South Figueroa St., Los Angeles, CA, 90015

Use:
Suburban Residential | Urban Residential

Challenges Encountered:
The property was a fully-entitled 1.5 million SF mixed-use high-rise site with the following components: a 54-story hotel with “branded condominiums”, a 38-story condominium tower; 200K of retail; and 30K of tall-wall LED signage. Challenges were as follows:

  • Finding a buyer capable of executing on >$1 Billion project, with indivisible mixed-use components.
  • Achieving the record-high land value pricing required by our client.
  • Managing developer/buyer underwriting expectations for the largest and most ambitious project in the history of Downtown Los Angeles.

Results Achieved:
After a competitive bidding process which included some of the largest domestic and international developers, the property was sold to Oceanwide Holding Group out of Beijing for $180 million. The $900/SF/land purchase price exceeded the pricing expectations of our client, and was a record for the Downtown Los Angeles market.

For more information, please contact:
john.pellerito@cushwake.com

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