The University of California Los Angeles has acquired an 11-story, 334,000-square-foot high-rise in downtown Los Angeles.
The university says that the acquisition of the Trust Building, a historic landmark built in 1928, aligns with its strategic priority of strengthening its engagement with Los Angeles
The location will be known as UCLA Downtown and will enable the university to expand its presence in the city’s downtown.
The acquisition further expands the downtown presence of UCLA, the fourth-largest employer in Los Angeles County. In the near term, the Art Deco-style property will house programs and administrative offices for UCLA Extension, which provides continuing and professional education to thousands each year.
Though the building is 95 years old, it has received LEED Gold certification for its energy efficiency and environmentally friendly qualities. It is blocks away from a Purple Line rapid transit station, which will deliver passengers to UCLA’s Westwood neighborhood in 2027.
The Los Angeles Times reports that the university declined to disclose the sales price, but real estate experts with knowledge of the transaction, who were not authorized to speak publicly, placed it at less than $40 million, a sharp discount from the building’s assessed value of nearly $88 million.
The sellers, Rising Realty Partners and its financial partner Lionstone Investments, bought the building in 2016 for $80.4 million. Rising Realty performed an estimated $40 million makeover that brought it up to modern earthquake safety standards and restored original features such as gilded ceiling decorations that were painted over in late 20th century renovations.