The Moinian Group
1100 South Figueroa St., Los Angeles, CA, 90015
Suburban Residential | Urban Residential
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.
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.