Cushman & Wakefield is marketing for sale the office and retail components of The Bloc, a 1.4-million-square-foot mixed-use complex in Downtown Los Angeles. The offering includes 730,000 square feet of office, 420,000 square feet of retail and a nearly 2,000-stall parking structure.
Executive vice chairman Mike Condon and vice chairman Kevin Donner are overseeing the sale. The complex’s hotel component is being marketed by another firm and is not included in the Cushman & Wakefield offering.
The sale arrives during a new period of price discovery for downtown office real estate, according to Cushman & Wakefield. “Now that sales transactions are once again becoming the norm in Downtown LA and closed sales are establishing clear price points, buyers can finally underwrite against defensible and quantifiable market evidence,” said Condon.
More than $100 million has been invested in property-level improvements in recent years. Although a sale price has not been set, the Los Angeles Times reported that The Bloc’s office and retail portion is believed to be worth about $160 million.
