Los Angeles –– CBRE today announced the sale of the Garfield Building at 403 W. 8th Street in downtown Los Angeles to a Bay Area investor planning to convert the historic building into a boutique hotel.
The $19 million sale of the 102,219-sq.-ft. Garfield Building closed on March 31, ahead of the enactment of Los Angeles’s property transfer tax on sales of more than $5 million. The 12-story building, which features 20-foot-high lobby ceilings, is listed on the National Register for Historic Places. It was originally an office building, but it has been vacant for several years.
CBRE’s Phillip Sample, Chris Caras, Michael Shustak and Andrew Turf represented the seller, a private investor that owned the building for more than 30 years. Wendell Jones of Realty One Group Infinity represented the buyer, a Bay Area family office.
The Garfield Building sits within Downtown Los Angeles’ Jewelry District at the intersection of West 8th Street and South Hill Street, an ideal location to participate in the revitalization of downtown. The CBRE team drew on its experience with multiple adaptive reuse projects in downtown Los Angeles to market the Garfield Building to buyers in the LA area, in other California markets and outside of the state.
“The buyer’s plan to convert the Garfield Building to a boutique hotel is extremely exciting for downtown,” said Mr. Sample, Senior Vice President with CBRE. “Our team is excited for this buyer, as their project fits the tone established in the South Broadway corridor with the Apple store and Whole Foods.”
Originally built in 1929 for the Sun Realty Company and designed by renowned architect Claud Beelman, the Garfield Building showcases Art Deco building design complete with Gothic and Art Nouveau stylistic elements. The building’s main entrance on West 8th Street is framed by a wrought-iron canopy and terrazzo sidewalk.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
