Pursuits
Howard Hughes L.A. Retail Center Bought for $111 Million
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Laurus Corp. purchased the Promenade at Howard Hughes Center, a retail complex on Los Angeles’s westside, for $111 million and plans to spend $30 million to renovate the property.
The upgrades will include improvements to restaurants, stores and entertainment venues, and will be the first major renovation since the construction of the 250,000-square-foot (23,000-square-meter) complex in 2001, Los Angeles-based Laurus said in a statement Thursday. It bought the property from Passco Cos. for $111 million, said Kendall Parisi, a representative for the Irvine, California-based firm. Emily Heidt, a spokeswoman for Laurus, declined to comment on the price.