MONTREAL/CHICAGO, IL — Ivanhoé Cambridge and its partner, Callahan Capital Properties, announced the acquisition of a 100% interest in the PacMutual office property, located at 523 W. 6th St. in downtown Los Angeles,
for approximately US$200 million.
PacMutual is situated in the heart of the financial district, with immediate access to a wide array of transportation, dining, entertainment and retail amenities.
Arthur Lloyd, executive vice president, office, North America, at Ivanhoé Cambridge said: “Downtown Los Angeles has seen a remarkable renewal and truly represents a modern “live-work-play” sector of the city. PacMutual’s location, quality and appeal for the creative economy align remarkably with our long-term investment strategy in key cities in the United States.”
Comprising three interconnected buildings built between 1908 and 1926, PacMutual totals 464,000 s/f and represents an impressive example of a beaux-arts style property that offers the coveted elements of a historic building along with modern systems and features. Each of the buildings offers high ceilings and open floor plans that are ideal for creative space users. PacMutual’s extensive recent upgrades, efficient building systems and sustainability programs helped garner LEED EB Platinum certification in 2014, making it Los Angeles’ only historic building to receive Platinum designation.