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Downtown in the News

By Eric Richardson
Published: Monday, October 29, 2007, at 08:45AM

Several interesting Downtown mentions in the news today. Reuters talks Asian interest in Downtown purchases, and the Times touches on Downtown's surging office market.

First up, Reuters runs a piece on Koreans purchasing in Downtown, taking a look at how the super-high cost of living in Asia has made Downtown LA an affordable place to buy. Two quotes of note:

Korea's largest real estate development company, Shin Young, is buying a parcel of downtown land for a 334-unit condominium building.

I'm not sure what parcel that would be. Also:

[Park Fifth], to be completed in 2010, has been in presales for just over two months and 50 percent of the units have been sold, according to developers.

Cipolloni recalled a gathering hosted by a Korean agent that resulted in 40 people each putting down $10,000 deposits to reserve units in Park Fifth.

Next, the LA Times takes a look at Downtown's surging office market. The story focuses on City National Plaza, which just a few years ago was 80% vacant. Today it's approaching full occupancy.

A mention gets made of Maguire's proposed office tower at 7+Fig.

The real estate investment trust's announcement last year that it was planning a building on Figueroa Street was greeted with skepticism, but Flaherty insisted the project was on track.

"We continue to work on it as a very real project," he said. "If the market stays on course, we could break ground within two years."

Of course two years is a long time, and Maguire has previously announced that proceeding with plans was contingent on getting enough potential tenants signed up before breaking ground.

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