A 99,761 square-foot office building in Echo Lake is on the market, offering potential investors the opportunity to acquire a near fully occupied asset with creative office space and ground floor retail space. Located at 1910 W. Sunset Boulevard, the property is being listed by KW Commercial, which declined to share guidance pricing for the property.
According to the listing, the property reaches eight stories and was initially built in 1965. The property was last renovated in 1991 and features a mix of retail and food amenities for current tenants. Referred to commonly as the Citibank Building, the property also offers banking amenities from Citibank and is the tallest building in Echo Park. Public records show that the property is owned by the Los Angeles-based FourSquare Church, which also utilizes the property as its headquarters.
Currently, the property is 92 percent occupied, with 8,276 square feet of rentable space remaining. However, the FourSquare Church will also be relocating from the second floor and a portion of the fourth floor upon closing the sale, the offering memorandum shows.
Located in the trendy Echo Park neighborhood of Los Angeles, the property overlooks Echo Park Lake and is near a variety of shopping and dining amenities. The property is also just a short drive from popular attractions in Downtown Los Angeles.
“Adding to the area’s vibrant culture, Echo Park is home to numerous art festivals which take place year round, as well as popular music venues including The Echo, Bootleg Theater, and the Echoplex. Recreational neighborhood landmarks include the historic Baxter Steps, Laveta Terrace Stairway, and Elysian Park, all within close proximity to the property. The newly renovated Echo Park Lake, features a walking path, picnic area, paddle boats, and beautiful lotus flower gardens, celebrated in a lotus festival each year,” the offering memorandum states.
With its close proximity to downtown Los Angeles, the property also benefits from the nearby demographics. According to KW Commercial, Los Angeles is home to approximately four million residents, with the three-mile radius surrounding the property anticipated to grow seven percent over the next five years.