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News release

LOS ANGELES, CA

JLL Completes Sale of Downtown Los Angeles Building for Record Price

Arts District building trades $700 PSF 


LOS ANGELES, Calif., Jan. 8, 2016 – On behalf of NBVBN, LLC, JLL has completed the $3.5 million sale of a 5,000 square foot industrial building located at 802 Mateo Street in Downtown Los Angeles. The property traded to Los Angeles-based private investor 802 Mateo St, LLC. The $700 per square foot price marks the highest price ever paid for a building in the Downtown Los Angeles Arts District. The buyer is expected to redevelop the building into event or retail space.

JLL Retail executives Lorena Tomb and Danielle Cornwell represented the seller, NBVBN, LLC. Tomb also represented the buyer in the transaction.

“As market fundamentals in Downtown Los Angeles continue to tighten, it is important that investors seize opportunities to get creative with the reuse of older buildings in good demographic areas," said Tomb. "The acquisition of 802 Mateo allows the new ownership to have a blank slate, that is anticipated to become an event venue or retail space that appeals to the ongoing growth in the Arts District."

Built in 1941, 802 Mateo is located at Mateo Street and 7th Street and features high exposed ceilings and skylights throughout. It is just minutes from several development projects including Ford Factory, AT Mateo Project, Soho House and Fourth & Traction.

JLL’s retail business serves as an industry leader in retail real estate services. The firm’s more than 800 dedicated retail experts in the Americas partner with investors and occupiers around the globe to support and shape investment and site selection strategies. Its retail specialists provide independent and expert advice to clients, backed by industry-leading research that delivers maximum value throughout the entire lifecycle of an asset or lease. The firm has more than 130 retail brokerage experts spanning more than 30 major markets, representing more than 680 retail clients. As the largest third party retail property manager in the United States, JLL is currently handling the management, leasing and/or disposition of more than 710 centers, totaling 83 million square feet specializing in regional malls, lifestyle centers, grocery-anchored centers, power centers, central business districts, transportation facilities and mixed-use projects.  For more news, videos and research from JLL’s Retail Group, please visit: www.jllretail.com

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.