The historic 1920s-era Quinby Building in Los Angeles’ Central Business District has been placed on the market, offering a variety of potential redevelopment opportunities. According to the listing by Colliers International, the 75,251 square-foot tower could serve a variety of potential uses, including multifamily, office or hotel.
The 14-story Quinby Building is located at 650 S. Grand Avenue. Built in 1926 and last purchased in 2012 by an entity associated with The Grand Quinby Building LLC, in connection to Parviz Shokouki, the property is being listed as unpriced. The limited liability company also purchased the property for an undisclosed amount.
The property is currently 70 percent occupied, with many tenants on month-to-month leases. Some of the properties current tenants include the Downtown Colo Corporation, Subrigo International Corporation, Remote Computer Repair and more.
“The high vacancy rate and flexible leases provide a buyer-centric focus and creative footprint in one of Downtown Los Angeles’ most attractive blocks,” the listing states.
Located at the high-traffic corner of 7th and Grand Avenue, the property is within walking distance of a variety of retail and dining amenities. It is also two blocks from the Metro Station Center and a short drive from both State Road 110 and Interstate 10. Near downtown Los Angeles, the property also maintains close proximity to a variety of popular attractions, such as the Los Angeles Convention Center, LA Live and the Crypto.com Arena.
Downtown Los Angeles has seen a tremendous amount of growth over the past several years, according to Colliers. The area sees a workday population of more than half a million people, and the Downtown Business District is also home to 83,000 residents, with a median income of $122,000.