A high-rise office building totaling 91,279 square feet has recently been placed on the market in downtown Los Angeles, offering the chance to acquire a historic 1920s asset in the city’s Jewelry District. The building, also referred to as The Garfield, is listed by Colliers and has the potential to be redeveloped into a number of new uses.
The 12-story office tower is located at 403 W. 8th Street and was initially built in 1929 before being acquired by its current owner, an entity affiliated with YB Real Estate LLC. While Colliers was unable to share guidance pricing for the property, public records show it last sold for $5.1 million.
According to the property’s website, the building has been empty since 1991 but remains a prominent part of Los Angeles’ skyline due to its historic significance. With gothic and art deco designs from architect Claud Beelman, the property was placed on the National Register of Historic Places in the 1980s and was also declared a Los Angeles Historic-Cultural Monument.
“Located in the heart of Downtown Los Angeles in the Jewelry District, the Garfield Building represents one of the last remaining opportunities to invest in a classic high-rise tower. The twelve-story building stands unique among its peers with some of the best examples of Art Deco design complete with Gothic and Art Nouveau stylistic elements. This style and attention to detail are elements rarely available in downtown among the lasting historic-architecture properties,” the listing states.
However, the building’s history and prominent position in Los Angeles could serve as a unique adaptive reuse opportunity. According to Colliers, the building can be transformed into a hotel, apartment building or other mixed-use property. There is also potential to add an additional 6,384 square-foot parking lot around the corner.
In general, downtown Los Angeles has seen a significant amount of revitalization over the past several years, bringing in new residents and businesses alike. For instance, the nearby Freehand Hotel recently went through a historic restoration in 2016. The building was initially built in 1924 as the Commercial Exchange Building before being transformed into its current use as a 226-room luxury hotel.
Other nearby businesses include Whole Foods, Sweetgreen and Shake Shack, all of which have popped up in recent years. The property is also near many major train lines, with the Metro Center Station just a few blocks away.
