Forever 21's landlords announced a seven-figure bid for the off-price retailer's property portfolio, in an announcement on Monday that featured a glitzy cutting of a ribbon.
In a 13-page news release, landlord Jardine Lloyd Thompson Co. announced that it was offering $81 million for Forever 21's 14.6-acre site in the Brookfield Place complex at 6 W. 12th St. in downtown Los Angeles. Brookfield Place is a 21-story building made up of several different floors filled with retail and luxury tenants. JLT is the managing agent of Brookfield Place.
The group announced their "signing of a purchase and sale agreement with Forever 21 Inc., the parent company of Forever 21, for a purchase price of $81 million. The agreement provides for Forever 21 to sublease the existing four-story building on all of its units for approximately 30 years with certain payments based on the occupancy level of the space."
Forever 21 has occupied the Brookfield Place site since 2014, with 24,500 square feet of office and 22,870 square feet of retail units. The retailer was sold last year to a new private-equity firm run by Brian Weinstein, a retail veteran who once served as ceo of DSW, then known as DSW Shoe Warehouse. At the time of the sale, he said that Brookfield Place remained the most practical location for his new venture.
Forever 21's lease with JLT expires in April 2019.