California Community Foundation Acquires Property From First City Credit Union For $15.4M

A 54,657-square-foot office building located at 717 W Temple St in Los Angeles has been sold for $15.4 million. The property, which has been the downtown location for First City Credit Union for the past 24 years, was completed in 1978 and features two passenger elevators and a six-floor parking structure with a ratio of 1.5 spaces per 1,000 square feet. First City Credit Union vacated the building in November 2020.

Summary of transaction details:

• Property Type: Office Building
• Transaction Amount: $15,400,000.00
• Square Footage: 54,657
• Address: 717 W Temple St, Los Angeles, CA
• Buyer: California Community Foundation
• Seller: First City Credit Union
• Buyer's Representative: Chris Runyen, NAI Capital
• Market: Los Angeles

Edwards Commercial assisted First City Credit Union in the selling process. The financial institution had acquired the property in 1997 for $2.5 million. California Community Foundation, a non-profit organization, now owns the building and will utilize it for its operations following the acquisition.