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California Plaza was a ten-year, US$1.2 billion project. Started in 1983, the Two California Plaza tower was completed in 1992 during a significant slump in the downtown Los Angeles real estate market. The tower opened with only 30 percent of its space leased and overall vacancy rates in downtown office space neared 25 percent. [7]
A $2-billion residential and commercial development in Skid Row near the Arts District received a boost from Gov. Gavin Newsom on Thursday as his office fast-tracked its possible construction.
In 2001 the Carlyle Group bought the building for $119 million, [1] and Hines Real Estate Investment Trust in Houston, Texas paid $287 million for One Wilshire in 2007. [3] It sold in 2013 from Hines Real Estate Investment Trust to GI Partners for $437.5 million, the highest price ever paid for an office building in downtown Los Angeles. [3]
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Upfront Ventures was founded by Yves Sisteron, Steven Dietz and Steve Lebow in 1996 in Century City, Los Angeles under the name GRP Partners. [8]GRP Partners was best known for investing in chain restaurants like P. F. Chang's and Starbucks, as well as retailers like Costco and Ulta, [4] but it also invested in tech companies such as PayPal Credit, Overture, and Disney Digital Network. [5]
County officials warned the Board of Supervisors the county may have to spend as much as $3 billion resolving claims of sexual abuse at the county's facilities.
The development of the complex is estimated to cost $1.2 billion. [11] [12] The Wilshire Grand Center includes 67,000 square feet (6,225 m 2) of retail, 677,000 square feet (62,895 m 2) of Class A office space, and the 889-room InterContinental Los Angeles Downtown. [13] The hotel features the tallest open-air bar in the Western Hemisphere. [14]
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