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Report: Related Cos. pays $72.1M for Los Angeles office property

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Report: Related Cos. pays $72.1M for Los Angeles office property

The Related Cos. L.P. bought an office property in Los Angeles' Hollywood district for $72.1 million from The Souferian Group Inc., the Los Angeles Business Journal reported, citing sources familiar with the matter.

Souferian acquired the 92,000-square-foot property at 1800 N. Highland Ave. in 2015, paying $45 million to CIM Group LP then and thereafter renovating the property for its Be brand concept. The property is 90% occupied, with tenants including Live Nation and Nokia USA.

Related Cos. did not immediately respond to requests for comment, the Dec. 24 report added.