A GROUP LED BY Milbank Real Estate has purchased 660 South Figueroa Tower in downtown Los Angeles from Mani Brothers Real Estate for $62.4 million. The 278,658 sq. ft. trophy office building is the corporate headquarters for Home Savings of America. Milbank will relocate its headquarters from 727 Seventh Street in Los Angeles to 20,000 sq. ft. of space on multiple floors in the tower, bringing the building's occupancy rate to 98%.
ARCHON GROUP is demolishing the former Prestonwood Mall into make way for a new “destination development” on the site. The new project will include 500,000 sq. ft. of retail space. The parking lots adjacent to the mall's east side have been sold to ZOM Texas for the development of 206 townhomes.
GROUND HAS BEEN BROKEN on a new 341-unit luxury apartment building in Washington, D.C. The Sovereign at 2400 M Street was designed by WDGand developed by EQR-JBG 2400 Residential, a member of the JBG family of companies. The 600,000 sq. ft. building will feature street-level retail space and three levels of below-grade parking. The project is scheduled for delivery in late 2005.