A multi-tenant office building in downtown Los Angeles is on the market, offering potential buyers opportunities to acquire as is or convert it into potential creative office or mixed-use space. According to the listing by Major Properties, the building is being sold with an $18.9 million asking price, or approximately $420.75 per square foot.
Located at 721 E. Washington Boulevard on 0.79 acres, the property, also referred to as the Scully Building, reaches four stories and totals 44,920 square feet. Built in 1930, the office complex recently underwent renovations by its current owner, Mohilef Family Trust. The company purchased the property in 1990 for an undisclosed amount, public records show.
The building consists of 11,230 square feet on each floor as well as 11 parking spaces per floor. The property also contains a rear fenced-in parking lot with space for 44 vehicles and an additional 1,479 square-foot structure.
The property is located just east of San Pedro Street, near Interstate 10 and various stops along the Metro Blue Line. The property is also located near Los Angeles’ Fashion District, which is home to various commercial and retail properties. Also nearby are various attractions, including the Grammy Museum, Natural History Museum of Los Angeles County as well as the University of Southern California.
The property is also located in a Qualified Opportunity Zone, which provides potential buyers with savings by deferring capital gains taxes as a means to spark economic development in Los Angeles.
The area is also home to many recent mixed-use developments, including The Reef, at 1933 Broadway; City Market, at 1057 San Pedro Boulevard: and ROW DTLA, at 777 Alameda Street.
According to Major Properties, downtown Los Angeles is continuing to grow, with approximately 80,000 residents in the immediate area and approximately 500,000 visitors during the weekday. Annually, downtown Los Angeles sees approximately 22 million visitors, which have spent $6 billion in the past year alone.
