cushman
Originally built in 1924 as the Desmond department store and designed by renowned architect A. C. Martin, 612 S. Broadway is a testament to Los Angeles’ architectural heritage. The building has undergone a complete refurbishment, transforming it into an artistic work area while preserving its historic character. essence. This ambitious project, overseen through local architecture firm Omgivning, required the addition of two new floors above the original structure, editing its application and aesthetic appeal.
The refurbishment task was completed and anticipated in 2020, with Skechers securing the ground-floor advertising area and a coworking concept occupying most of the rest of the building. However, the moment coincided with the beginning of the COVID-19 pandemic, which presented unforeseen events. Challenges.
Despite those headwinds, the building’s potential was identified through a private investment organization that found unique acquisition time in the market to obtain a trophy asset at a price below its replacement value. The client is a local family workplace that intends to relocate its operations. to this space.
“This group’s acquisition of 612 S. Broadway is a remarkable story of local expansion and resilience,” said Mike Condon Jr. , vice president. “This acquisition highlights the vitality and prospects of the downtown Los Angeles market, demonstrating the region’s continued attractiveness and ability to attract dynamic businesses. “
“The sale of 612 S. Broadway is a remote success. This highlights a broader trend of recovery and renewed interest in downtown Los Angeles. In particular, UCLA’s recent acquisition of 433 S. Spring extra demonstrates this resurgence with significant investments that reflect confidence in the future of the market,” continued Condon Jr.
“The success of the sale and upcoming occupancy by buyers is a positive indicator of the recovery and expansion of downtown Los Angeles,” added Erica Finck, senior director. “It is encouraging to see local businesses expanding and investing in the region, contributing to the revitalization and economic progression of the historic center. »
The acquisition and occupancy of 612 S. Broadway symbolizes more than just a genuine estate transaction; it marks a new bankruptcy in the building’s wealthy history and a promising long run for downtown Los Angeles. As the community continues to draw in high-profile corporations and institutions, the outlook for this historical submarket, also known as SOBRO, is optimistic.
Subscribe to accessSite Map
Follow
MORE FROM THE L. A. TIMES