CIM Unit Buys $51M LA Office

Rolf K. McPherson. Image courtesy of KW Commercial

CMCT, a real estate trust run by CIM Group, has purchased Rolf K. McPherson, a 99,761-square-foot office building in Echo Park, Los Angeles, for $51 million.

Lee Black and Veronica Black with Keller Williams Commercial represented the buyer, as well as the seller, Foursquare Church. The new owner plans to transform the asset into creative office space to attract media, technology and entertainment companies.

Originally built in 1966, the eight-story story building occupies 1.2 acres and comprises roughly 86,000 rentable square feet of office space and 11,000 square feet of ground-floor retail. A total of 258 parking spaces are available, which equates to a parking ratio of three spaces per 1,000 square feet. Floorplates range from 12,000 to 12,348 square feet, CommercialEdge data shows. According to the same data provider, the property last traded in 1977 for $2.8 million. Tenants include Levitt Foundation, Citibank, Royal Business Bank, St. Liz Hospice and The X Law Group.

Located at 1910 W. Sunset Blvd., the building offers a 360-degree view of Echo Park. Several dining, retail and entertainment options are available within a 1-mile radius. Interstate 101 is half a mile south of the property, while downtown Los Angeles is some 3 miles southeast.

Demand for film and media production space has driven the construction activity within the Los Angeles market in the last year. The metro’s creative industries saw the addition of several large-scale properties, pushing up office completions over the past year. Overall, no less than 3 million square feet of new office space was built or repurposed in Los Angeles last year, exceeding the previous five-year average of 2.5 million square feet, CommercialEdge data shows.