801 S. Figueroa St. Acquired by Undisclosed Chinese Buyer

The downtown Los Angeles office tower at 801 S. Figueroa St. was acquired by an undisclosed Chinese buyer for $60 million, or $129 per square foot, on August 1. It’s a steep decline from the building’s prior reported sale price which exceeded $175 million in 2014. Asia Pacific Capital Company represented the buyer, and Eastdil Secured represented the seller Barings, an institutional investor.

“This transaction not only highlights the robust demand for prime office spaces but also presents a unique opportunity for investors, given the property’s acquisition price was well below replacement cost,” said Roger Li, managing director at Asia Pacific Capital Company, in a statement.

The building has more than 460,000 square feet of office space and is located in downtown’s financial district. Its major tenants include finance, technology and law firms.

It’s the third major transaction announced for downtown Los Angeles office buildings this year. The 52-story tower at 777 S. Figueroa St. is reportedly being acquired by a Chinese investor for $120 million, which is well below the $289 million in debt that was tied to the building when Brookfield DTLA Fund Office Trust Investor defaulted last year. Brookfield’s Gas Company Tower at 555 W. Fifth St. also went into default on $465 million in debt last year, and Los Angeles County has plans to make an all-cash offer of $215 million in a foreclosure sale for the 1.3-million-square-foot building, according to published reports.