NGKF Capital Markets has completed the approximately $43 million sale of the Fine Arts Building, a 12-story 115,902-square-foot historic creative office building situated in the heart of the Financial District in Downtown Los Angeles.
NGKF Capital Markets President, West Coast Capital Markets Kevin Shannon, Executive Managing Director Ken White, Managing Director Laura Stumm, and Managing Director Gibran Begum, represented the seller, Sorgente Group of America, as well as the buyer, Manchester Capital Management.
Built in 1926 and renovated in 2016, the Fine Arts Building is located at 811 West 7th Street. It is 87.5 percent leased to a mix of tenants including its anchor tenant, WeWork, one of the fastest growing office space operators in the United States, which occupies 39 percent of the building. Additional tenants include Pfeiffer Partners Architects, LTK Consulting Services, Hypothesis, SWA, among others.
“The Fine Arts Building is one of the truly iconic office destinations in Los Angeles with distinctive architecture that makes a powerful statement in the cityscape,” said Begum. “The building’s timeless design provides the framework for an inspiring workspace as a unique alternative to the typical steel-n-glass office towers in the area.”
With ornate, turn of the century charm, the Fine Arts Building features Romaneque Revival architecture and is is one of Los Angeles’ most beautiful office buildings. It was designed by architects Albert Raymond Walker and Percy Augustus Eisen and was declared a historic cultural monument in 1974. Design elements include majestic architecture reminiscent of a Renaissance palace, exquisite paintings, Batchelder tiles and sculptures such as Burt Johnson’s bronze masterpiece in the lobby.
The property is centrally located on 7th Street’s “Restaurant Row” and is within walking distance to world-class restaurants, coffee, bars, hotels, LA Live/Staples Center, the Broadway Theatre District and Metro subway stations.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.