Paul Hastings Represents Korean Air in Proposed Billion Dollar Redevelopment of Downtown Los Angeles Hotel and Office Site
Los Angeles, CA (August 18, 2009) Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that it is representing Korean Air in its proposed redevelopment of the nearly three-acre Wilshire Grand Hotel and office site in the heart of Los Angeles financial district. Paul Hastings is representing Korean Air on both the entitlements process and the overall project. The transaction, valued at $1 billion, was announced on April 3, 2009.
Under the terms of the deal, Korean Air will replace the existing complex with two high-rise towers, totaling approximately 1,750,000 square feet: a 40-story tower featuring a luxury hotel of up to 700 rooms topped by several floors of condominiums, and a 1,150,000-square-foot, 60-story office tower, connected with plazas and open space, designed to meet U.S. Green Building Council LEED certification standards.
Los Angeles partners Robert Keane and Mitch Menzer led the Paul Hastings team in Los Angeles, which includes associate Jeffrey Diener. Jong Han Kim, a partner in the firms Korea Practice, led the team in Hong Kong.
About Korean Air: A subsidiary of the Hanjin Group, one of the worlds largest logistics companies, Korean Air operates almost 400 passenger fights per day to 118 cities in 39 countries and flies to more destinations in Asia from the Americas than any other airline in the world.
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