LOS ANGELES - Lincoln Property Co. has acquired the Desmond, a 78,500 square-foot, five-story downtown building, for $16.25 million in an all-cash deal.
Located in the South Park neighborhood of downtown Los Angeles, just two blocks east of Staples Center and the L.A. Live restaurant/entertainment complex, the building will be targeted for creative office, retail and restaurant space at over $3 per square foot in a triple net lease. Marc Renard of Cushman & Wakefield represented Lincoln Property Co. in the transaction.
The building was formerly owned by Meruelo Maddox Properties. After a bankruptcy reorganization, they emerged as EVOQ Properties. EVOQ took the property to market, but an owner-user had the building under contract. That contract fell out, and Lincoln was able to purchase the building. It is currently vacant.
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