A newly renovated creative office and warehouse space in Downtown Los Angeles has recently hit the market with an asking price of $33.5 million, or $330.22 per square foot. According to an offering memorandum obtained by The Registry, the 101,448 square-foot building is owned and occupied by its current owner, making the opportunity a prime headquarter space for potential buyers.
The listing by Major Properties Real Estate shows the building, located at 2250 Maple Avenue, was built in 1981 with renovations recently completed in 2019. Public records show that the two-story building is currently owned by an entity associated with Offline, Inc. The Los Angeles-based clothing company purchased the building in 2004 for $6.5 million.
Currently, the property offers approximately 44,000 square feet of office space, with 28,000 square feet of newly renovated private office suites. Additionally, the building includes a large open floor plan on the second floor and various amenities including a kitchen and breakroom, high warehouse clearance and conference rooms throughout. The property also offers 103 parking spaces in a surface lot as well as in a rooftop parking deck.
While offering the potential to serve as business headquarters, the property also offers future redevelopment opportunities. According to the offering memorandum, the property is also located in a Qualified Opportunity Zone, which would provide a potential buyer savings by deferring capital gains taxes as a means to spark economic development in the area.
“The property offers a buyer access into the downtown Los Angeles Market with a diversified asset that can be used for corporate office, fulfillment distribution, studio production or food production,” Brad Luster, listing agent for the property, said. “(It’s) great for an owner-user or investor.”
Located in Downtown Los Angeles, the property is in close proximity to various modes of transportation. Two Metro Blue Line stations are located within half a mile of the property, and both Interstates 10 and 110 are within close proximity. Several institutions are also nearby, including University of Southern California and Los Angeles Trade-Technical School. Nearby neighborhoods, like the Fashion District, also offer a variety of retail and restaurant destinations.
In general, the downtown location makes for a potentially valuable asset. According to the offering memorandum, downtown Los Angeles is home to approximately 80,000 residents with a total 500,000 weekday population. The area also sees approximately 22 million annual visitors, which have spent a reported $6 billion downtown in the past year alone.
