LOS ANGELES-New York City-based Sorgente Group of America has purchased the Fine Arts Building here for $28.5 million. The 12-story 120,000-square-foot building was built in 1926 and is also known as the Global Marine House.
Parallel to the company’s investment in the New York’s Flatiron Building, the company’s investment in the Fine Arts Building will be to oversee the funds in maintaining the historic cultural landmark, according to a prepared statement. The building is located at 811 W. 7th St. in downtown Los Angeles.
Paul Ramirez, in the acquisitions and asset management group of the company, tells GlobeSt.com that current occupancy in the building is about 90%, mainly by architecture and design firms. He also points out that rents are in the mid-$20s per square foot range.
Riverrock Real Estate Group was hired to oversee the property management. Ramirez adds that “In an area which has clearly been revitalized, this magnificent property contains a tenancy which shares our appreciation for beautiful architecture.”
Although Sorgente Group could not divulge the identity of the seller, GlobeSt.com learns from an unidentified source that the previous owner was attorney Mark Geragos, which GlobeSt.com is told, paid approximately $23.5 million for the property back in 2008.
“Our acquisitions always have historic and architectural relevance as our passion and dedication lies within the value of iconic buildings, such as the Fine Arts Building,” says Veronica Mainetti, president of Sorgente Group of America. “With the announcement of this purchase and our plans to conserve this structure, we are excited to ensure this prominent Los Angeles building remains a cultural landmark.”
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
