A 121,592 square foot commercial office property has hit the market in Los Angeles’ Fashion District. According to a listing by real estate brokerage firm IREA, the 1920s era building is ideal for an adaptive reuse project and would be suitable for either a creative office space or live/work lofts.
Located at 407 E. Pico Boulevard on 0.37 acres, The Allied Crafts Building reaches ten stories. Built in 1926, the historic building has many original features, including its art-deco period design. The property is currently listed as unpriced.
According to public records, the building is currently owned by an entity associated with Paul and Marilyn Gould Inc.. The property has been family owned for decades and is currently fully leased to a variety of artists, business owners and other creatives.
“Built in 1925, the Allied Crafts Building has become a constant in the ever changing Fashion District. Home away from home for artists, designers, and manufacturers, this ten story loft building has been family run for decades. Proud to be part of the LA Fashion District, the Allied Crafts Building can offer a perfect space for you on the convenient busy corner of Maple Avenue and Pico Boulevard,” the property’s website states.
While currently listed as unpriced, recent listings and transactions provide insight into what similar commercial properties in the area sell for. For instance, a 46,709 square-foot mixed-use building also located in the Fashion District is being listed for $11.9 million.
The property is also a potential candidate for the City’s adaptive reuse program. In September, LIVWRK also purchased a nearby 63,100 square-foot office building for $20 million, with hopes to begin an adaptive reuse plan to convert the property into a Class-A office and lifestyle project.
Located in the Fashion District, the area is home to various shopping centers and malls, including Santee Alley, the California Flower Mall and Garment District, among others. The Fashion District also neighbors downtown Los Angeles, providing easy access to popular attractions like the Walt Disney Concert Hall, Nokia Theater, LA Live, The Grammy Museum and the Staples Center.
“The Allied Crafts Building is ideally poised to capture tremendous rent growth through renovation and rebranding, and offers an investor the unique opportunity to own a historic asset within an iconic community that continues to enjoy rapid growth,” IREA states in the listing.
Overall, Los Angeles has seen significant growth over the past several years, with the City of Los Angeles reporting a 42.6 percent increase since the 1970s and an estimated 8.15 percent growth over the next decade. Currently, the city is home to a population of 3.9 million and is expected to continue its growth.
IREA did not respond in time to comment on this story.
