A historic office high-rise in downtown Los Angeles that has been converted to an apartment building has been sold for $43 million to an affiliate of giant Canadian landlord Retirement Concepts.
The landlord bought National City Tower, which was completed in 1924 to be the headquarters of National City Bank of Los Angeles. It was redeveloped in 2008 as a residential complex with 93 units ranging in size from studios to three-bedroom apartments.
The new owners plan to spend an additional $1 million on improvements to the building at 810 Spring St., said Joe Moosa, president of Retirement Concepts Developments. Upgrades will include a new gym and media room in the basement and improvements to the tenants’ rooftop deck.
“We’ll just take it one more level up,” Moosa said.
Downtown Los Angeles will continue to improve, he predicted.
More http://www.latimes.com/business/la-fi-re-national-bank-building-sold-20141014-story.html
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