Los Angeles CA
This storied high-rise in Los Angeles consists of over 900,000 sq. ft. of class B office and retail space. An affiliate of DDRM purchased the partially constructed building and a neighboring partially constructed development site (phase 2) in 1984. After making significant improvements and solving numerous legal, construction and regulatory problems, DDRM completed the building in mid-1985. DDRM entered into a 20-year master lease for the building in its entirety with Security Pacific National Bank (eventually to become Bank of America). The building was sold in 1985 for an amount that yielded over 100% profit for DDRM's financial partners. Phase 2 was sold in 1989.