The Next Major Downtown LA Tower Trade Is...
The $400M Park Fifth, a live/work/play, mixed-use development right next to Pershing Square in booming Downtown LA. CBRE EVP Curtis Palmer (here with daughter Anna), who's been retained by MacFarlane Partners to offer the asset up for pre-sale and/or JV investment, tells Bisnow he's reached out to REITs, pension funds, private equity funds, foreign institutional investors and others about the property. It's a little premature to know whether this becomes an outright sale or JV, he says, but MacFarlane is hoping for a pre-sale if a good offer comes across. Curtis is handling the offering with CB's Ted Fentin and members of the Capital Markets’ Institutional Properties team.
Park Fifth will consist of 660 apartments in a 24-story high-rise and adjacent seven-story mid-rise building (above). The project will include about 12k SF of retail and 695 parking spaces. In what are becoming almost customary amenities for new, sexy projects, Park Fifth also will boast a 14k SF courtyard, floor-to-ceiling windows, private balconies, dog walks, a fitness center, rooftop terraces, and multiple lounge areas and pools.
