G12 Site Gets New Land Owner for $45M

LOS ANGELES-The Wolff Co., a real estate private equity firm based in Phoenix, AZ, has acquired three acres in Downtown Los Angeles for $45 million. The land, located at 12^th Street and Grand Avenue in downtown’s South Park district, was formerly owned by a partnership between Astani Enterprises and L&R Group, which purchased the site in November 2012 for $29 million, GlobeSt.com reported in an earlier story.  

Astani and L&R planned to develop a $245-million mixed-use complex, called G12, at the site. Now, the Wolff Co. will co-develop the G12 property with Astani. “I am thrilled to have a chance to work with the buyer to develop the last open acreage in the South Park area of Downtown,” says Sonny Astani, the founder and chairman of the eponymous Beverly Hills-based real estate firm. “G12 will be an incredible live/work neighborhood that is also close to USC.”