Rolf K. McPherson building in the Echo Park neighborhood of Los Angeles has traded hands for $51 million between seller Foursquare Church and creative office developer CMCT. Located at 1910 W. Sunset Blvd., the property is an eight-story, 99,761-square-foot creative office space.

Originally built in 1965, the Rolf K. McPherson has been part of the Foursquare Church holdings since then. In addition to office space, the property has ground-floor banks and eateries. Foursquare Church plans to relocate its operations from the building. CMCT plans to execute a capital improvement plan to upgrade the building and cater to entertainment, media, and technology companies.

The Los Angeles office market was weakened by the pandemic, and has yet to enter a recovery. In May, Marcus & Millichap research anticipated that the Los Angeles office market was headed for a prolonged office recovery, forecasting that office vacancy would grow 160 basis points this year to 18.5%, and office rents would fall 1.4% to $37.50 per square foot.