The new $302 million building for Los Angeles County is a 21-story administrative office facility and parking garage located in the Vermont Avenue corridor at South Vermont Avenue and Shatto Place. The LEED Silver building consists of 13 stories of office building on top of an 8-story parking structure. An additional 10-story parking structure will be built adjacent to the new office building. The entire project is expected to complete construction in October of 2021.
LA County’s new Administrative Offices Building will house their Department of Mental Health and has already proved to be of benefit to the County. The project benefits from a privately-issued tax-exempt debt financing package that is rated AA from S&P Global with a positive outlook and AA- from Fitch Ratings. This is the same rating that LA County could achieve if they issued their own lease revenue bonds to finance the project. According to the county’s own analysis, the project is scheduled to be delivered 11 months faster and with a cost savings of $30 million when compared with the County’s traditional delivery model.
Public Partner/ Tenant: County of Los Angeles
Finance Partner/ On-Behalf of Owner: Public Facilities Group
Developer: Trammell Crow Company
General Contractor: Hathaway Dinwiddie
For a complete explanation of the project delivery approach, click on the button below: