An office building which could also offer a variety of redevelopment opportunities has recently been placed up for sale. Located at 1630 W Olympic Blvd. just west of downtown Los Angeles, the office building totals 24,922 square feet and is up for sale with a $15 million price tag, or about $601 per square foot, according to the property listing from LB Realty.
Built in 1958 and renovated in 1988, the building stands two stories tall. With a lot size of 0.82 acres, the property provides ample space for expansion or redevelopment. Additionally, the property offers 71 parking spaces.
While it is currently vacant, the building was formerly occupied by an owner-user. According to public records, the property was previously utilized by retailer Uniforms Inc. Because it is now vacant, the property is also available for lease with multiple lease options, including a single floor or both floors.The lease rate is set at $2.50 per square foot, according to the property listing.
In addition to its potential appeal to traditional investors and owner-users, the property could also serve a developer. Given its sizable lot and location, the site could address the growing need for affordable housing in the region, the listing shows.
The building’s location just west of downtown Los Angeles also provides access to various retail and dining amenities. Crypto.com Arena and LA Live are also within close proximity of the site. Both Interstates 110 and 10 also provide easy access to the rest of the city.
The rise of remote work has left a number of office buildings vacant throughout the Greater Los Angeles area, according to a recent first quarter market report from CBRE. That report showed that the overall vacancy rate in the Greater Los Angeles office market has experienced an increase of 0.8 percent quarter-over-quarter and 2.4 percent year-over-year. This can be attributed to the return of large blocks of direct and sublease space to the market. The availability of sublease space has seen a significant increase, accounting for 16.3 percent of the overall market availability. In fact, sublease availability reached an all-time high of 10.7 million square feet, with an additional one million square feet added in the most recent quarter. In terms of rental rates, asking rents have shown an upward trend since the first quarter of 2020, rising from $3.60 to $3.85 in the Greater Los Angeles area. However, tenant improvement allowances and rent concessions have also increased in relation to previous periods.
