DTLA - The Colburn School was plunged into a real-estate drama this year when Downtown-based JMF Development (led by Jeffrey Fish, who owns the Pershing Square Building) took steps to buy the land under the music institution.
The situation stemmed from an auction and questions about which bid took precedent; attorneys with Fish hinted that a legal battle was on the horizon. Despite that, Colburn has secured a deal for its property with the now-defunct Community Redevelopment Agency, which is in the process of selling off its former holdings to private entities. The $1,601,000 purchase was completed on July 25, according to the school; the price matches the highest bid offered by JMF, with Colburn exercising its contractual right of first refusal as the tenant. “This landmark transaction ensures that the Colburn School will remain a vital presence Downtown for decades to come and in complete control of its future here on Grand Avenue,” the school said in a statement to Downtown News. Initially, the school had offered a bid of $180,000 based on a 2014 assessment, which was rejected by the CRA.
© Los Angeles Downtown News 2016