MacFarlane Partners Acquires High-Profile Parcel in Downtown L.A.
June 30, 2014
MacFarlane Partners, a real estate development and investment management company that specializes in investments that promote smart growth, urban revitalization and sustainability, has acquired a high-profile parcel in downtown Los Angeles.
“We are delighted to be back in Los Angeles and are excited about developing a project on this underutilized site that meets the city’s vision for a denser, more efficient Downtown,” said Victor B. MacFarlane, managing principal and chairman of MacFarlane Partners. “Our plan is to build two buildings – a mid-rise and a high-rise – that will have a total of over 600 units of market-rate apartments and condominiums, as well as 17,000 square feet of ground-floor retail space.”
“This investment reflects our confidence in the strong market for apartment properties Downtown, which continues to experience a significant increase in rents,” MacFarlane added. “While the transit-oriented development is still being designed, it will incorporate the best elements of smart growth and new urbanism, which are hallmarks of our developments.”
The 99,000-square-foot site is located at the northeast corner of Fifth and Olive Streets, overlooking Pershing Square. Negotiations for the purchase of the site began about one year ago, during which time the project successfully completed the entitlement process. It was approved by the city this past spring. The seller was Africa-Israel USA. The acquisition price was undisclosed. A Newmark Grubb Knight Frank team of Jimmy Kuhn in New York and Chris Cooney, Josh Levy and Matt Dobson in Los Angeles brokered the sale.
“Our design will create a spectacular ‘central park’ of more than half an acre of open space and amenities on the podium deck between the two buildings,” said Jeff Berris, managing director, development of MacFarlane Partners. “You will not find this size of private landscaped space anywhere else in Downtown Los Angeles.”
Construction of the property is expected to begin in mid-2015.
About MacFarlane Partners
MacFarlane Partners is a real estate development and investment management firm with approximately $4 billion in assets managed on behalf of some of the world’s largest pension plans and institutions. Founded in 1987, the firm pioneered the urban investment concept among institutional real estate investment managers in the 1990s and today is a leading investor and developer of properties that promote smart growth, urban revitalization and sustainability in urban and high-density suburban areas nationwide.
MacFarlane Partners is headquartered in San Francisco, with regional offices in Los Angeles and Washington, D.C. For additional information, please visit the firm’s website at www.macfarlanepartners.com.
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