June 18, 2015 | Real Estate
Laurus Corp. has acquired the Promenade at Howard Hughes Center, a retail hub located along the 405 freeway at Center Drive, from Irvine investment firm Passco Cos. for $111 million.
Laurus, based in Century City, paid about $446 a square foot for the 250,000-square-foot mall and plans to spend an additional $30 million to make improvements. Passco purchased the promenade for $90 million in 2005 and reportedly had been trying to sell it since 2013.
Architecture firm Jerde Partnership of Venice will lead the renovation work on the mall, whose tenants include a Cinemark 18 and XD movie theater, Dave & Buster’s, Buffalo Wild Wings and a Kabuki Japanese restaurant. The upgrades will be the first for the property, which was built in 2001.
“Our decision to acquire the Promenade at Howard Hughes Center and invest at this level demonstrates our confidence in an important, growing community, and the purchasing power of the residents and employees who live and work in such close proximity – both in the Howard Hughes Center and in Playa Vista,” Laurus Chief Executive Jean Paul Szita said in a statement.
This marks the second big deal of the year for Laurus. In February, the firm spent a submarket-high $52.5 million for a 163,000 square-foot, eight-story building in Pasadena from Heitman.
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