Iconic 801 Tower Ends Long Run of Changes as New Owner Cornerstone Appoints New Property Manager
- Oct 29, 2014
After recently trading hands between seller Mani Brothers Real Estate Group and buyer Cornerstone Real Estate Advisors for a fee of around $177 million, 801 Tower now also has a new property manager. The iconic office property will be managed by Transwestern following an appointment by owner Cornerstone. Transwestern’s on-site management team will be led by Senior Property Manager Annie Hessen.
It has been a year filled with change for 801 Tower at 801 S. Figuroa Street in the South Park area of DTLA. The property announced this fall that it had extended its collaboration with its anchor tenant, law firm Manning & Kass, Ellrod, Ramirez, Trester. The tenant currently occupies 80,328 square feet of the 458,570 square feet of office space that the property has to offer. The agreement was handled by Savills Studley’s downtown L.A. office on behalf of the law firm, while Cornerstone worked with Cushman & Wakefield.
Soon after completing the lease extension, the 25-story office tower was sold by Mani Brothers to Cornerstone. The 1991-built office property currently operates at a vacancy rate of around 13 percent. Floor plans offer tenants 12 corner offices per floor, and an efficient column-free design. The exterior features the building’s signature pink granite and glass combination. Transportation to the area is facilitated by easy access to the nearby Gold, Blue and Red line Metro stations.
Image courtesy of manibrothers.com