New York landlord Brookfield takes over giant LA fashion mart – Los Angeles Times

L.A.’s biggest center of showrooms serving apparel industry insiders will soon open its doors to tenants outside of the rag trade.

Office landlord Brookfield, the king of high-rises in downtown Los Angeles’ financial core, has taken over the hulking California Market Center in the fashion district. The sale closed Thursday and was valued at close to $440 million, according to a source familiar with the transaction.

The blockbuster deal, which gives Brookfield a controlling interest in the property, further diffuses downtown L.A.’s office market from the gleaming skyscrapers of Bunker Hill and Figueroa Street to newly emerging neighborhoods such as the Arts District and blocks near Staples Center.

Now Brookfield, a publicly held New York real estate company that rents out upscale offices, promises to spend millions of dollars to make the scruffy-edged fashion district another destination for prosperous creative firms that shy away from conventional glass towers.

Comments

Write a Reply or Comment:

Your email address will not be published.*