SteelWave Acquires Office Building In Los Angeles For $80M

The office property located at 500 & 540 South Santa Fe Avenue in Los Angeles has been sold in a transaction that took place on May 20, 2021. The property, spanning a total area of 150,451 square feet, was acquired by SteelWave, represented by Barry DiRaimondo, from CEG Construction, represented by Trace Chalmers. The sale price for this transaction was $80,000,000, resulting in a price per square foot of $531.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $80,000,000
• Address: 500 & 540 South Santa Fe Avenue, Los Angeles
• Buyer: SteelWave - Barry DiRaimondo
• Seller: CEG Construction - Trace Chalmers
• Brokers: Mike Condon Jr., Steve Marcussen, Erica Finck & Bailey Dawson - Cushman & Wakefield

The deal was facilitated by brokers Mike Condon Jr., Steve Marcussen, Erica Finck, and Bailey Dawson from Cushman & Wakefield. Their expertise played a crucial role in the successful completion of this transaction.