Korean Air and developer Thomas Properties Group are moving forward with an ambitious $1 billion mixed-use development in Los Angeles. The site purchased by the airline spans a full city block, and the project will include the first LEED-certified high-rise in Los Angeles as well as a 40-story hotel. Thomas Properties Chief Executive James Thomas acknowledged the high vacancy rate in the market for office buildings in the city. However, the size of the office building -- 1.2 million square feet -- will help it attract large tenants, he said.

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