Munger, Tolles & Olson represented the Los Angeles County Metropolitan Transportation Authority in its $75 million purchase of Union Station. The deal closed April 14.
The historic 5.9 million square foot property includes 42 acres of land and the development rights associated. Metro acquired the historic downtown L.A. site from ProLogis Logistics Services Incorporated. The deal also involved negotiations addressing management of numerous railroad rights and retail operations.
“As Southern California’s largest public transportation hub, Los Angeles Union Station is absolutely critical to the current and future mobility of our region,” Metro Board Chair and L.A. County Supervisor Don Knabe said when the deal was announced in late February. “We now have the ability to retain the historic nature of Union Station and prepare it to serve as a world-class 21st century transportation hub.”
Real estate attorneys Richard S. Volpert, Brian R. Hochleutner and Benjamin W. Howell represented Metro in the matter.
Munger Tolles has represented Metro in connection with a variety of transit oriented development projects, including the $600 million mixed-use, transit oriented development project at the Hollywood & Vine Metro Red Line Station and other transit related developments at major Metro station sites such as North Hollywood and Wilshire/Western.
The firm’s full-service real estate practice has an emphasis on the acquisition and sale of commercial properties, real estate finance, commercial leasing transactions, ground-leased development projects, and projects involving public/private partnerships.