Japanese Firm Buys Building in Chinatown

Toshin Corp. has purchased the largest building in Chinatown for $11.3 million, the first time a Japanese company has ever made a real estate investment in that section of downtown Los Angeles.

The purchase from Famco Investment Co. involving the five-story, 61,585-square-foot California Bank Building at 977 N. Broadway, represents the highest price ever paid for a first-class building in Chinatown and the first major real estate purchase for Toshin.

The Yokohama-based firm used the Mitsubishi Bank of Tokyo as its consultant in the transaction and Cushman & Wakefield of California was the broker. The latter also will manage the property.