Walter Conn Buys 214,000-SF Tower for $50M

LOS ANGELES-Walter Conn, the chairman of Charles Dunn Co., has acquired the remaining 50% interest in the 213,816-square-foot Pacific Financial Center office tower from Florida-based Equity One, with which he had been a 50% owner, for $50 million. Conn is now full owner in the 17-story office tower at 800 W. Sixth St. in a transaction that is third-largest acquisition this year in the Downtown Los Angeles market.

Built in 1972 the Pacific Financial Center has been the headquarters of Dunn since 1997. Conn had been a 50% owner in the property along with Equity One, which is a REIT based in North Miami Beach, FL. The deal involved what is described as “an intricate loan assumption process,” in an announcement by Conn regarding the acquisition. According to an announcement from Equity One, Conn assumed a $19.2 million mortgage on the property.