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Investor Group to Acquire Arco Towers

LOS ANGELES-Thomas Properties Group expects to acquire the landmark office project, an architectural gem in a great location, for about $270 million. The property last sold in the 1980s for more than $640 million.

By Bob Howard | Updated on January 20, 2003

LOS ANGELES-Investor and developer Thomas Properties Group leads an investment group that expects to acquire the 2.7 million-sf Arco Towers in downtown Los Angeles for approximately $270 million by the end of this month.

The landmark office towers are considered by many to be an architectural gem in one of the city’s best downtown locations. The twin 52-story towers fill an entire city block bounded by Figueroa, Flower, Fifth and Sixth streets. The project includes 221,773 sf of retail beneath the center on two levels, and an 11-story parking garage one block north. Atop the garage is the YMCA of Metropolitan Los Angeles.

The new owner of the 30-year-old office development will be TPG Plaza Investments. Besides Los Angeles-based Thomas Properties Group, the ownership’s other partners are the California State Teachers Retirement System and Kings Capital, a privately held company controlled by Kenneth A. Picerne and managed by the Picerne Group.

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