Brad Berton, Los Angeles Business Journal
The Metropolitan Water District has sold its historic downtown L.A. headquarters property to a church congregation for just over $8 million.
The buyer of the 30-year old campus property at 1111 Sunset Blvd. is Lasung World Evangelical Church, which has been holding services at the Patriotic Hall auditorium in downtown’s Southpark district. The MWD headquarters property includes approximately 210,000 square feet of facilities on 7-plus acres. Lasung Evangelical made the highest offer during last fall’s auction of the property, outbidding three other religious organizations that made the next-best offers. The church put $1.6 million cash down, with MWD offering two-year financing for the balance of the purchase price.
Lasung Evangelical, represented by Philip Song in the transaction, will install fire sprinklers and abate asbestos at the property. David Farrar, Esq. assisted the agency in its marketing efforts. Gil Ivey, MWD’s executive assistant for strategic policy, headed the in-house negotiating team.
MWD will keep its data center and communications system within the complex’s main building until the agency’s planned Union Station headquarters is completed or through the end of 1999. MWD will also "master-lease" an adjacent three-story parking garage, including a fleet maintenance facility, for the same period.