Grand Avenue gets new owners
The Los Angeles County Board of Supervisors on Tuesday approved an ownership change for the $3 billion Grand Avenue project in downtown Los Angeles, transferring a 45 percent capital interest to a Dubai-owned company.Troy Anderson in the Daily News.
The developer, The Related Cos., will retain a 55 percent capital interest in the project.
Related's previous equity partner, California Urban Investment Partners - owned 97 percent by CalPERS and 3 percent by MacFarlane Urban Realty Co. - decided not to participate in the project.
"Unfortunately, CalPERS and MacFarlane were overinvested in downtown so Related has sought to find another equity partner," Supervisor Gloria Molina said.
"Related found Istithmar (Group), which was previously invested with them in the Time Warner Center Mandarin Oriental Hotel (in New York City) so they've dealt with them before. Under the ownership ... they will own the project and have key Related personnel remain as our contacts."