LOS ANGELES and HARTFORD, Conn., Sept. 29, 2014 /PRNewswire/ — Cornerstone Real Estate Advisers, on behalf of one of its institutional investor clients, announced today the acquisition of 801 Tower, a 25-story Class-A office building in Downtown Los Angeles, from Mani Brothers Real Estate Group.

The single building office tower at 801 South Figueroa Street is one of the last Class A office buildings to be constructed in the submarket and is comprised of 446,534 square feet of rentable office space, as well as an additional 12,036 square feet of ground-floor retail. The property is located in the rapidly emerging South Park District, which has grown significantly in recent years and is now home to numerous new restaurants, residential projects and entertainment venues, including L.A. Live and Staples Center.

“As rental rates in the Century City and West Los Angeles submarkets continue to rise, tenants are seeking more affordable, high-quality office space without compromising accessibility to amenities and local housing options,” said Chris Black, Senior Vice President of Acquisitions, at Cornerstone Real Estate Advisers. “Given its excellent quality and location, 801 Tower is poised to benefit from the area’s continuing revitalization which will create value for our investors.”

About Cornerstone Real Estate Advisers

Cornerstone Real Estate Advisers LLC, with subsidiary and affiliate offices in the U.S., UK, Europe, and Asia, is one of the largest global real estate investment managers. It provides core and value-added investment and advisory services, including private and public real estate debt, equity and securities expertise and services, to institutional and other qualified investors around the globe. Cornerstone is a member of the MassMutual Financial Group. More information is available at www.cornerstoneadvisers.com.

SOURCE Cornerstone Real Estate Advisers