SOLD
Izek Shomof Acquires Office Tower From Swig Company In Downtown L.A. At $20.5M
617 East 7th Street
Office
216,000 SF
216,000 SF
Sold 14 days ago
Summary
Sale
CALIFORNIA
Office
216,000 sqft
The property located at 617 East 7th Street in Los Angeles, an office asset, was sold for $20,500,000. The sale price translates to $95 per square foot for the 216,000 square feet building. The seller, Conor Kidd of The Swig Company, transferred the property to the buyer Izek Shomof.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $20,500,000
- Address: 617 East 7th Street
- Market: Los Angeles
- Buyer: Izek Shomof
- Seller: Conor Kidd - The Swig Company
- Price per Square Foot: $95
Izek Shomof, known for rejuvenating downtown Los Angeles, acquired the property from Conor Kidd of The Swig Company. The sale marked a significant decrease from the property's purchase price over a decade ago. The transaction also set a new record for the lowest price per square foot for an office tower in downtown Los Angeles in the past four years.
Details
SOLD
IMAGE: Izek Shomof & Conor Kidd
DATE: 04/24/2024
ADDRESS: 617 East 7th Street
MARKET: Los Angeles
ASSET TYPE: Office
BUYER: Izek Shomof
SELLER: Conor Kidd - The Swig Company
SALE PRICE: $20,500,000
SF: 216,000 ~ PPSF: $95
NOTE: Swig Company sells 617 West 7th Street in Downtown L.A. for $20.5 million, setting a new benchmark at $94 per square foot, marking a 47 percent decrease from its purchase price over a decade ago. Izek Shomof, renowned for revitalizing Downtown L.A.'s historic core, acquired the property, while Swig and Shomof remained unavailable for comment. This transaction signifies the lowest price per square foot for an office tower in Downtown L.A. in the past four years, with Swig also facing a $1.2 million transfer tax to the City of Los Angeles. The property was last sold in 2011 for $38.8 million, approximately $175 per square foot.View on map
Loading...
Address617 East 7th Street
Comparables
Reset filters to show results.